China Unveils Self-Discipline Rules for Blockchain Industry
China’s Trusted Blockchain Initiative(TBI), the first government-led initiative regarding blockchain technology, unveiled a set of self-discipline rules for blockchain players on October 31,in a bid to further promote the healthy and orderly development of blockchain industry.
The TBI was launched by China’s Academy of Information and Communications Technology (CAICT), a research institution under the Ministry of Industry and Information Technology, in September, 2017 with the aim of exploring blockchain in major sectors. Its establishment comes a few days after the sweeping ban on cryptocurrency fundraising and trading.
More than 200 Chinese business so far have been involved in the initiative, the list including internet titans Baidu, Alibaba Group, and Tencent, Huawei Technologies, the world’s largest telecom equipment supplier, and blockchain startups ChainNova and Qulian Technology .
Although China’s draconian crackdown on cryptocurrency-related activities, the blockchain space in the country still faces multiple challenges and market chaos. The TBI’s self-discipline proposal focusing on strengthening self-regulation, setting up industry standards, and educating service providers as well as the public.
- Abide by the Chinese laws and regulations, and strengthen industry self-regulation to promote the healthy and sustainable development of blockchain in China;
- Enterprises shall fulfill key responsibilities, and establish a fully-fledged internal management system . Cooperate with relevant administrative departments to well supervise the industry;
- Focus on the research of core technologies of blockchain, and actively get involved in innovative research, the creation of industry standards verification test and the build of open source community to ramp up the adoption of blockchain technology;
- Resolutely side against taking advantage of blockchain concept to conduct illegally fundraising, issuing ICOs, disseminating malicious information, among other illegal activities.
- Help public build on their knowledge of blockchain, and back away from crypto speculations and illegal financial trading;
- Consciously accept social supervision and fulfill social responsibility;
- Respect intellectual property rights, protect users’ privacy, and comply with the regulatory demands on information services.
In fact, the self-discipline rules are a response to the latest blockchain regulation imposed by China’s cyberspace administration. On October 22, the country’s top internet censor required blockchain information service providers—- “entities or nodes” that offer information services to the public via blockchain-based internet sites or mobile applications—to go through real-name registration and take responsibility for censoring content.