Strict Blockchain Regulation Imposed in China

The final draft of regulations for the implementation of blockchain technology in China has been released by the Cyberspace Administration of China (CAC). As per the draft, the Chinese blockchain service providers are prohibited from using it for illicit activities that could bring danger to “national security, disrupt social order, and infringe on the legitimate rights and interests of others.

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Strict Blockchain Regulation Imposed in China

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

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