Beijing, Shanghai, and Guangzhou: The Epicenter of Blockchain Legislation in China

An Overview of Blockchain Policies in China

Recent reports have highlighted that the areas of Beijing, Shanghai, and Guangzhou, collectively referred to as BeiShangGuang, are rapidly becoming the nucleus of blockchain legislation and policy in China. A comprehensive analysis from a local finance outlet shows that there are currently 32 blockchain-related policies enforced across the country.

The Role of Blockchain in the Real Economy

According to Securities Daily, these policies are not just arbitrary regulations; they aim to integrate blockchain technology into the real economy. This balance between innovation, regulation, and security is crucial for ensuring financial stability and safeguarding information security in the age of digital transformation.

China’s Dichotomy: Blockchain vs. Cryptocurrencies

President Xi Jinping has made it clear that blockchain technology is a top priority for the century, yet the Chinese government has adopted a rather cryptic stance toward cryptocurrencies. While blockchain technology is being pushed forward, cryptocurrencies remain largely banned. This conflicting approach creates a rather curious atmosphere in which blockchain’s potential is celebrated, but its practical applications through cryptocurrencies are heavily suppressed.

Standardization and Collaboration on Blockchain Development

Last month, the Ministry of Industry and Information Technology (MIIT) called for an accelerated effort to develop standards for blockchain system applications across various sectors. Moreover, a new blockchain alliance comprising 54 companies has emerged in Guangzhou, emphasizing the collaborative push to harness blockchain technology and its benefits for the nation.

The Censorship Game

In a rather amusing twist of events, certain documents and materials related to cryptocurrencies have fallen victim to government censorship. This includes the curious renaming of Andreas Antonopoulos’ book from Mastering Bitcoin to Blockchain: the Road to the Digitization of Assets during its state-run broadcast, stripping any mention of Bitcoin from the content. Talk about a corporate makeover!

The Central Bank’s Stand Against Cryptocurrencies

The People’s Bank of China (PBoC) has not held back in addressing the risks associated with cryptocurrencies, labeling them bubbles in investment spheres. Just recently, the Beijing Municipal Bureau of Financial Work reiterated that Security Token Offerings (STOs) are deemed illegal, reinforcing the stringent regulations in place.