China demands better Blockchain Regulations says, Expert

Renita

Renita

April 11, 2018 1:43 pm

China demands better Blockchain Regulations says, Expert | Coindelite News
11720 Total Views

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.”

No Comments
Belgium Offers World Food Programme Blockchain Project

World Food Programme Blockchain Project to be Contributed by Belgium According to World Food Programme report, the government of Belgium is going contribute €2 mln for promoting a Blockchain project through World Food Programme (WFP). The donation would allow United Nations (UN) to utilize Blockchain technology to fight against hunger …

Amazon Web Series is Making the use of Hyperledger and Ethereum easy

Amazon Web Series to Start a New service for Hyperledger and Ethereum easy Amazon Web Services has recently announced the service it is going to launch out-of-the-box a blockchain service for Ethereum and Hyperledger Fabric protocols. AWS chief evangelist Jeff Barr wrote in a blog post: “Recently available templates allow …

Huawei to Launch Blockchain as a Service Platform

Blockchain Technology to be Used by Huawei as a Service Platform Chinese Telecommunication firm Huawei announced its latest Hyperledger-fuelled Blockchain service at a conference in Shenzhen on Tuesday. The Blockchain-as-a-service(BaaS) tool, which is launched a month after the release of Huawei and Hyperledger’s joint project Caliper and will be known as …

IBM and Salon Media to Stop Frauds in Ads Industry through a Blockchain Pivot

IBM and Salon Media collaborate for a Blockchain Project to Stop Fraud in Ads Industry According to the reports, IBM and Salon Media are going to lead a proof-of-concept blockchain product developed by AdLedger which is a nonprofit consortium that develops shared ledger technologies for the digital advertising market. “The …

Cognizant to Adopt Blockchain for Cross-Company Data Sharing

Cognizant Partners with Insurers to build Blockchain Data Sharing Platform Cognizant has collaborated with fourteen Indian insurance companies in order to develop a blockchain solution for cross-company data sharing. The firm announced in a statement that on Monday that the platform was built to let the companies securely share data …

India’s Largest Private Sector Bank on-boards over 250 Corporates on its Blockchain Platform

ICICI Bank Welcomes More than 250 Corporates on its Blockchain Platform On Tuesday, ICICI Bank announced that it has successfully on-board over 250 corporates on its blockchain for domestic and international trade finance transaction. The Bank said in a statement: “This initiative marks another milestone in the bank’s pioneering role …

Press Release

shares