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China Develops Blockchain Policy for Three Cities, Talks Clarifying Financial Stability and Data Security

Three cities, Beijing, Shanghai, and Guangzhou, have the most blockchain legislation and policies in China, according to a report by a Securities Daily publication.

The report analyzed the policies that have been introduced over the course of a few years and determined that in total, there are 32 policies related to blockchain. Further, most of the projects are concentrated in the three aforementioned cities. As the publication noted,

“Blockchain technology [aims] to serve the real economy, focusing on the balance between innovation, regulation and security, and clarifying the bottom line of financial stability and informational security.”

China has a split policy concerning blockchain technology. The country’s president, Xi Jiping publicly announced that the technology is a priority, while at the same time, he has not lifted the ban on cryptocurrencies.

Further, a month ago, a blockchain alliance that includes 54 companies was established. The purpose of the alliance is to develop and promote blockchain.

At the same time, China’s government has censored information related to cryptocurrency. For example, China’s state run TV channel featured a special on a book by Andreas Antonopoulos called Mastering Bitcoin, but the title was hanged by the channel to Blockchain: The Road to Digitalization of Assets.

China’s People’s Bank of china also warned against cryptocurrency, stating that they are “bubbles” in the investment realm.

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