China’s Cyberspace Administration is ready to regulate blockchain companies operating in the country.
The South China Morning Post reported that under the proposed new rules, those using blockchain services would be required to register their real names and national identification card numbers.
Blockchain information service providers would also be required to censor content deemed a threat to China’s national security and store user data to allow for inspection by the authorities.
The draft regulations are on the agency’s website for public comment until Nov. 2. When the rules will come into effect isn’t stated, but you can bet it will be soon.
China’s leaders were embarrassed in April when an unnamed student used the Ethereum blockchain to publish an open letter about an alleged cover-up of sexual harassment at a university more than two decades ago. On blockchain the letter could not be deleted or taken down, so it was widely seen inside and outside the country.
How all of this affects foreign companies such as Amazon, which recently noted its expanded push into China, isn’t known either.