Blockchain Policy Development in China Concentrated in Three Cities

Published at: Dec. 8, 2018

Beijing, Shanghai and Guangzhou — or BeiShangGuang — has become the most concentrated area of ​​relevant blockchain legislation and policy in China, reports local finance publication Securities Daily Dec. 7.

The Chinese securities newspaper has analyzed blockchain-related policies introduced throughout the country in the recent years, and concluded that there are 32 blockchain-related policies within the country. Meanwhile, 11 projects are concentrated in three areas: Beijing , Shanghai  and Guangzhou. The publications states:

“Blockchain technology [is aimed] to serve the real economy, focusing on the balance between innovation, regulation and security, and clarifying the bottom line of financial stability and information security.”

China has adopted a split policy toward blockchain and cryptocurrencies, praising and adopting blockchain technology — China’s President Xi Jinping has publicly called blockchain a technological priority of the 21 century — while banning cryptocurrencies.

Last month, China’s Ministry of Industry and Information Technology (MIIT) published a document, calling  to “accelerate” the development of standards for blockchain system applications across various domestic industries.

Also last month, a new blockchain alliance, involving 54 different companies, was established in Guangzhou city, aimed to promote and develop blockchain technology in the country.

Meanwhile, the Chinese government has purportedly censored certain materials pertaining to cryptocurrencies. When Andreas Antonopoulos’  book “Mastering Bitcoin” appeared on China’s state-run TV channel, the title had been changed to "Blockchain: the Road to the Digitization of Assets," and contained no references to Bitcoin (BTC).

The People’s Bank of China (PBoC), the Chinese central bank, had made several warnings against cryptocurrencies, calling them “bubbles” in financing and investment. Earlier this week, the Beijing Municipal Bureau of Financial Work reminded the public that Security Token Offering (STOs) were considered illegal in the jurisdiction.

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