The Chinese government has released a draft of rules aimed at regulating the use of blockchain technology, including a requirement that users in China register their real names when using the technology.
The primary regulator of the Internet in in China — the Cyberspace Administration of China — published the draft regulations on October 19. its website on Friday for public comments until November 2, reported the China Morning Post.
Blokt quoted the regulatory agency as saying the following in a translated post: “In order to standardize blockchain information service activities, promote the healthy and orderly development of blockchain information services, protect the legitimate rights and interests of citizens, legal persons and other organizations, and safeguard national security and public interests, I have formulated the Regulations on the Management of Blockchain Information Services. (Consultation Draft), is now open to the public for comments.”
According to an article posted by The Verge, the new rules not only would require users to provide their real names and national ID card numbers when registering for a blockchain service, they also would require blockchain services to:
- remove “illegal information” before it spreads among users
- maintain backups of information for six months and provide those backups to the police upon request.
Assuming the new regulations are adopted following the public comment period, it is not clear when they would go into effect.