China is considering regulating the blockchain technology
For the regulation of block technology, the Chinese Communist Party People's Daily is calling. According to the publication, the regulation will help to speed up the technology behind the crypto, such as the Bitcoin.
The newspaper has an article titled "Three Block Questions," which reaffirms the Chinese government's intention to support the development of block technology, but warns of the risks that go along with it, writes CoinDesk.
"Blockchain technology is still immature. We need to be careful about speculation with this concept and we need to separate technology-based innovations from those with the aim of raising funds. In order to promote and better use the block technology, the government must implement strong policies and regulations, "the newspaper said.
This article explains to readers what technology and its applications are in different industries.
The Chinese National Bank has banned the primary offering of Digital Aquitaine (ICO) as early as last year, and trading with crypto in the country is hindered by regulators.
The publication in the newspaper of power makes it clear that the regulation can cover not only the virtual currency market but also the use and application of the block technology itself - something that has not been commented on anywhere in the world.
In an interview with the People's Daily, Hu Dankings, Alibaba's proprietary technology agent for Ant Financial, said that most of the blockbusters around the robot are involved in fundraising and speculation rather than resolving real world problems with the help of innovation.
Hu suggests that a possible regulation should help people differentiate block-based technology innovation from these single-fundraising projects.
source - profit.bg image source - pixabay.com