Chinese government seizes full control of the blockchain, citizens & businesses warned: identities behind all computers on network must be submitted by Feb 15th...

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China's ruling communist party, the People's Republic of China has announced a set of new laws to ensure blockchain technology cannot, and will not ever be used for the proposes of challenging the government.

In the new regulations published just hours ago on the official website of the government regulators, the strict new rules are laid out as follows:

(Translated)

"Follow all provisions of the "Network Security Law of the People's Republic of China", conduct real identity information based on the organization code, identity card number or mobile phone number for the blockchain information service users. If the user does not perform real identity authentication, the blockchain information service provider shall not provide related services."

No ID, no blockchain. You are not permitted to touch the tech until the government knows exactly which computers on the network belongs to you.

"Blockchain information service providers and users shall not use blockchain information services to engage in activities prohibited by laws and administrative regulations that endanger national security, disrupt social order, and infringe on the legitimate rights and interests of others, and may not use blockchain information services. Copy, publish, and disseminate information content prohibited by laws and administrative regulations."

They don't sugar coat the law's purpose one bit - they're implementing this to extend the strict internet censorship already in place, letting citizens know that blockchain technology should never be used as a way to bypass it.

"Service provider must take appropriate measures in a timely manner to prevent the spread of information, keep relevant records, and report to relevant authorities."

If censored information does begin to spread via the blockchain - shut it down, keep the evidence, and call the authorities.

"Service provider shall cooperate with the supervision and inspection carried out by the network information department according to law and provide necessary technical support and assistance."

By operating a blockchain based service, you understand authorities are to be given full access to the network and all computers on it, whenever they may request it.

"The company shall make corrections within a time limit; if it refuses to make corrections or if the circumstances are serious, it shall be given a warning and shall be imposed a fine of not less than 10,000 yuan but not more than 30,000 yuan."

Each violation can result in a fine that is between approximately $1500 and $4500 USD

On the rare occasion someone from China's blockchain tech industry speaks up, the point they usually make is how they are concerned government overreach could slow industry growth.  Surely these concerns were heard by the government, which has now answered clearly - maintaining control is priority above all else.
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Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco News Desk


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