Focus

China releases its 1st blockchain regulation

02 Jun 2023 10:43pm
for illustration purpose
for illustration purpose
ANKARA - China on Friday released the country's first national regulation for blockchain technology, reported Anadolu.

Quoting the country's Ministry of Industry and Information Technology, state-run CGTN said the new regulation has "further accelerated the standardisation process of China's blockchain sector, laying a foundation for the high-quality development of the industry."

Blockchain technology, which supports the transaction of digital assets in real-time, has become widely used in cryptocurrencies. The technology allows for the efficient and verifiable recording and permanent tracking of transactions between two parties.

China's newly established regulation focuses on blockchain and distributed ledger technologies, providing a fundamental and universally applicable framework that guides the implementation of blockchain technology and its industrial development, the ministry further said.

The ministry expressed its commitment to intensify efforts in developing national standards in this field.

Governments around the world are looking to create regulations for blockchain technology with 45 countries having regulated crypto assets in their jurisdictions, according to US-based think tank Atlantic Council. - BERNAMA-ANADOLU

More Like This
Photo for illustrative purposes only - Canva
Photo for illustrative purposes only - Canva
World Health warning issued over flesh-eating ulcer in Southeast Australian state
The Department of Health in Victoria on Friday said that cases of Buruli ulcer are spreading across the state, including in inner Melbourne.
Donald Trump's transition team is pushing to pull the United States out of the WHO on the first day of the new administration, according to experts who warn of the "catastrophic" impact it would have on global health, the Financial Times reported. - Photo: XINHUA
Donald Trump's transition team is pushing to pull the United States out of the WHO on the first day of the new administration, according to experts who warn of the "catastrophic" impact it would have on global health, the Financial Times reported. - Photo: XINHUA
World US withdrawal from WHO would be 'catastrophic' - Expert
Members of Trump's team told experts of their intention to announce withdrawal from the global health body on the president-elect's Jan 20 inauguration, noting that the departure would remove WHO's biggest source of funds, damaging its ability to respond to public health crises such...
Photo: X/@SZakzakyOffice
Photo: X/@SZakzakyOffice
World Mass pre-Christmas food crushes 67 lives in Nigeria
The death toll from a crush in Okija in the southeastern state of Anambra had risen to 22 from a previously reported 13.
No Image Caption
World US egg prices soar to yearly high amid bird flu, holiday demand
National wholesale prices for large eggs reached 4.07 U.S. dollars per dozen on Friday, marking a dramatic increase from 1.1 dollars early this year, according to data from the US Department of Agriculture.