China has long been rather anti-crypto – and it still is to a certain extent – but it has always held a blockchain over Bitcoin outlook on the industry. To further deepen its commitment to this mantra, National Cyberspace Administration of China (CAC) has issued 197 blockchain and distributed ledger technology (DLT) firms with registration numbers to help regulate, secure, strengthen, and advance the Chinese blockchain industry.
China Openly Backs Blockchain
China is doubling down on its commitment to blockchain superiority with its new list of registered firms. Back in November 2018, China made it very clear that it wants to accelerate the development of blockchain standards, and this new registered list is a key part of the progress. Some of China’s biggest and most well-known companies are all dabbling in blockchain including Baidu, Tencent, and Iqiyu – most of which have already developed their own proprietary technology with the support of the Chinese government.
Media Firms Need Not Apply
There is good news for media firms that are reporting on the blockchain industry – much like BitStarz News. As long as the media firm isn’t using blockchain or DLT in its system, then it will be completely exempt from the new regulations and having to apply for a license – great news for popular outlets such as WeChat, South China Morning Post, and Weibo.
Blockchain Evidence is Admissible in Court
If you wanted more proof that China is heavily invested in the blockchain bandwagon, its supreme court ruled that evidence stored in a blockchain is now permitted to be used in court cases. There are currently four courts in China where blockchain evidence is admissible, and these are all related to internet crimes. This means if a registered blockchain company has proof that a hacker stole funds, customer data or anything else, this tamper-proof evidence will be able to be used to bring a conviction against the hackers.
While China is still not looking like it will turn crypto friendly in the short term, this new wave of blockchain love could be a sign of things to come in the future. With its new blockchain pilot zone ready for companies in the industry to operate from, China is definitely going all out on blockchain technology – something Bank of America’s CTO would be rather skeptical of. No matter which way you look at it, China is attempting to regulate and accept blockchain technology as part of the inevitable future, and we for one certainly love the optimism.
