New Chinese regulations crackdown on blockchain platforms

SHANGHAI (Reuters) – Chinese blockchain platforms will have to censor content, allow authorities access to stored data and check the identity of users under rules set out on Thursday by Beijing. Now blockchain platforms will be required to implement real-name registration for users via a national ID or telephone number, censor content and store user data. Despite its crackdown, Beijing says it encourages research into blockchain technology, which is best known for recording bitcoin transactions but is increasingly being used in areas such as crude oil trading or supply chain tracking. Companies found to be in violation of the rules could be subject to fines or prosecution, the CAC, which issued draft rules in October, added in a statement. (Reporting by Josh Horwitz; Editing by Brenda Goh and Alexander Smith)Likes

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