fbpx

China Signals Further Support for Blockchain Technology

Asia Blockchain Review
April 16, 2019

Technology was on the agenda at China’s annual Two Sessions political event, held in March at the Great Hall of the People in Beijing, with discussions covering topics such as blockchain and cryptocurrency, accompanied by calls for a strict, efficient and clear regulatory framework.

Regarding non-currency blockchain applications, representatives were keen to focus on areas which would likely receive state backing. The Communist Party of China (CPC) has been cautious in its approach to digital assets but has shown increasing support for other uses for blockchain technology.  

Meanwhile, blockchain-based firms have been particularly mindful of state policy so as to ensure their activities remain safely within acceptable legal parameters, while also wanting to be privy to opportunities for government subsidies and support.

Crypto regulations in China are still expected to be strictly enforced for the foreseeable future, but greater clarity could provide options in certain areas. Financial institutions are currently prohibited from dealing with crypto assets such as Bitcoin, but cryptocurrencies themselves are not banned. Additionally, while the prevailing sentiment is to stringently supervise digital assets and ban asset trading, limited moves towards regulating the sector can still be expected.

Cryptocurrencies remain one of the most active areas for fintech innovation in China, with terms like “blockchain” often substituted with “fintech” and “financial innovation” due to political sensitivity.      

Most of the proposals raised at the Two Sessions event revolved around the supervision and application of blockchain technology, with the latter clearly being the most key concern among representatives. Possible applications included smart cities, governance, environmental protection, health, food safety, supply chain financing, credit information, charity, and intellectual property.

Source: https://technode.com

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Iran’s Power Grid Struck by Crypto Mining Surge
Token mining activity in Iran is causing an energy consumption spike that is forcing the government ...

July 16, 2019

Malaysia’s VisionBanker Aims to Transform Eye Care via Blockchain Technology
The company is using facial recognition and distributed ledger technology to allow users to store ey...

July 16, 2019

Excellence in Customer Experience and Operational Efficiency
Blockchain technology stands as the best technology platform candidate to solve the issues being fac...

July 15, 2019

Hong Kong Insurer Launches Blockchain-Based Solution to Process Claims
Blue Cross has become the first insurer in Hong Kong to employ blockchain technology to streamline i...

July 15, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us