It is being reported by The Next Web that the government of China is enacting some rather extreme policies for blockchain based platforms to enforce, or else face fines and prosecution. Beginning next month it will be mandatory for customers of such platforms to submit their names, ID’s and phone numbers in order to partake.
The Cyberspace Administration of China (CAC) is rolling out a new registration system that will be required for all blockchain based companies to comply with. Any company found not complying could face punishment in the form of fines or even prosecution.
China has been harsh on crypto for some time, but this latest measure pretty much ensures that no legal public blockchain can operate as intended. By enforcing companies who host blockchains to enact these rules, they are effectively forcing everyone to use “permissioned” blockchains, or else seek illicit alternatives.
Blockchain technology almost certainly will not be stopped in its embrace just because of this, but it could slow adoption in China. The coming years will likely tell if the Chinese government eases regulations or doubles down. Stick right here with Chepicap for all updates to this ongoing saga!