China demands better Blockchain Regulations says, Expert

Renita

Renita

April 11, 2018 1:43 pm

China demands better Blockchain Regulations says, Expert | Coindelite News
89886 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
Accenture Partners with Thales to Bring Blockchain to the Aerospace Industry

Accenture, the Dublin-based global consultancy firm has struck a partnership with Thales Group, a French multinational aerospace firm. As per the press release from July 16, 2018, this move was planned to integrate blockchain technology to the aircraft supply chain. The blockchain will be based n Hyperledger Fabric that will …

American Express Believes Blockchain Could Help Prove Payment System

  Credit card giant American Express is on a quest for better means of proving when transactions happen and a new patent filing hints that they might be looking at blockchain as a part of a possible solution. In a patent application issued by the U.S. Patent and Trademark Office …

American Express is Eyeing on Blockchain Based Proof-of-Payments Technology

  American Express has filed a patent application for blockchain proof-of-payment system. American Express isn’t an institution new to the blockchain. Throughout the past few months, we have noticed the financial services company support the blockchain very publicly. Lately, the company deployed Hyperledger’s blockchain technology to update its Membership Reward …

Bitmain to Become a Majority Stakeholder in Opera Internet Browser

Opera Ltd is the company behind the Opera and Opera mini browsers, which have garnered praise for impressive loading speeds and data-saving features. Opera was founded in 1994 in Norway when the internet we know today was still in its infancy. This browser was released on Microsoft Windows in 1996.  …

Pirate Bay is Moving Towards Cryptocurrency Mining to Generate Revenue

Pirate Bay, one of the most prominent torrent sites in the world got accused of sourcing CPU resources from its visitors. This move was carried out as an alternative means of revenue generation. Pirate Bay employed scrips that used the visitor’s computing power to mine Monero (XMR) – A move …

Elon Musk Praises Crypto-scammers on Twitter for their “Mad Skillz”

  Ever since Cryptocurrency first came into existence, there has been no shortage of scams and duping. In fact, people are conned out of thousands of dollars every day. Twitter has been a preferred place for scammers to introduce spambots that have been wildly successful in convincing users to part …

shares