Chinese Government Mandates Registration using IDs in Blockchain
Recently, the Chinese Government has drafted a new policy which will certainly eliminate the two fundamental advantages of Blockchain – Privacy and Anonymity. The policy says the users will have to put their real names and national ID numbers to register for a blockchain service.
The Cyberspace Administration of China, the Internet Regulator of the country, has drafted of the policy that mandates blockchain companies to store user information for six months and provide them to law enforcement whenever necessary. The ‘illegal information’ has to be wiped out before it is accessible by the users.
The users breaking the law will be given warning against their action first, says the government. Then the service providers may either restrict their account access or simply may shut their accountsdown, as deemed necessary. The Chinese Government has not yet fixed any specific time for the enactment of the new policy. However, these new rules are open to the public to comment until November 2nd.
After Bitcoin ban, the Chinese Government has yet again placed significant restrictions on the technology. Needless to say, the policy drafted is keeping in mind the issues created due to animosity in Blockchain, says the Government.
Earlier, China had banned any kind of exchanges and trading related to cryptocurrency. Now with this, the Chinese Government has displayed sour behavior towards letting the blockchain spread its power over the people of China. But, from time to time, the government has said that it is open for making significant development in the field of blockchain technology.