China’s state media: for further development of the blockchain needs to be regulated

China’s state media: for further development of the blockchain needs to be regulated

Renmin Ribao, the official newspaper of the Communist party of China (CPC), calls for the introduction of regulation for the future development of the blockchain technology.

In the publication, which occupied a full page under the headline “Three questions to blockchain technology”, published on Monday, the official media of the CCP supported the government’s initiative to use this technology, but also warned about some of the risks associated with the use of the blockchain.

The blockchain technology is still very immature. We should be wary of speculation and individual innovation based on technology, especially in relation to those who use it for fundraising. In order to better promote and use the blockchain technology, the government should adopt regulatory legal acts that would regulate the use of this technology.

The article gives examples of the use of blockchain applications in various industries such as financial services, charity, anti-counterfeiting and financial regulation.

This is a significant step forward for the official media of China, in attracting public attention to new technologies. But at the same time, it fully complies with the policies of the people’s Bank of China, which last year banned the ICO.

In an interview with People’s Daily Hu Dancin, specialist on technological products of Alibaba Ant Financial Services stated that:

Much of the current hype around blockchain technology focused on fundraising and speculation instead of real solutions to real problems with this technology.

Hu further suggested that regulators should be more active in their efforts to create frameworks that help the public to distinguish technological innovation projects from those that aim at the fundraiser.

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