China demands better Blockchain Regulations says, Expert



April 11, 2018 1:43 pm

China demands better Blockchain Regulations says, Expert | Coindelite News
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Blockchain technology in China to follow well-designed Regulations in coming future

Blockchain technology in China will now rely on well-designed regulatory and standardization frameworks in the country, as stated by industry experts.

Speakers named Chen Lei, Li Lihui, and CEO of cloud network provider Xunlei who oversee the Blockchain Research Working Group at China’s National Internet Finance Association (NIFA), talked about the latest blockchain developments in China, as well as its future prospects, at the 2018 Bo’Ao Forum for Asia in China’s Hainan province on Tuesday.

Although 2017 involved a large number of blockchain projects from technology companies in the nation, the specialists argued that down the road, a well-drafted regulatory framework will become the key to technology’s future growth.

Li, who is also a previous head of the Bank of China, one of the four state-owned investment banks in the country, said developing a supervisory framework for blockchain use will be one of NIFA’s top priorities in 2018.

Originated in 2015 by the People’s Bank of China and approved by the State Council, NIFA is a self-regulatory organization that intends to ensure the healthy development of financial technology in the country.

Aside from taking a research focus on blockchain development, NIFA has also been examining the cryptocurrency industry and published warnings on the risks associated with initial coin offerings.

Li said on the panel:

“While blockchain’s technological development has seen major progress in China over last year with blockchain platforms launched by internet giants such as Baidu and Tencent, our regulatory initiative is substantially lagging behind.”

Li states, his organization is eyeing a standardization framework for blockchain use and the establishment of a third-party entity as an authority to approve innovations around the tech.

“This needs our immediate attention,” he stated, further arguing that this direction will also facilitate promoting and strengthening talent that specializes in the blockchain.

On the same subject, Xunlei’s Chen Lei said:

“Technological skill is never a hindrance as the market demand will keep driving our imagination.”

Xunlei reputably stepped into the blockchain space earlier this year, letting users earn tokens by sharing their internet bandwidth.

He closed the discussion stating:

“What we demand from the future, are clear regulatory guidelines for the entire industry to follow.”

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