China Announces New Regulations for Blockchain Companies to ‘Promote Healthy Development’

China is coming down hard on blockchain companies, even though the government appears to favor blockchain over cryptocurrency. The Cyberspace Administration of China (CAC) announced new regulations on Jan. 10 that will compel blockchain platforms to eliminate “undesirable” content while giving authorities access to private stored data and to check the identity of users. ‘Rules to Promote Healthy Development of Blockchain Industry’ China’s Internet Information Service Management Measures, which come into force on February 15, will “promote the healthy development of blockchain technology and related services,” CAC claimed in a press release. It said the rules are built to “safeguard national security and social public interests, [and] protect the legitimate rights and interests of citizens.” China has clamped down on virtual currencies since 2017 when the government outlawed initial coin offerings and prevented domestic cryptocurrency exchanges from operating within the Asian country’s economy. But its government appears to tolerate distributed…

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