China Net Online announced that it will lay off 30% to 45% of its current year, slowing the development of blockchain

According to financial news, China Net Online released the company's full year 2018 financial report on Tuesday. China Net Online said it will slow down the development of blockchain platforms and other related products and services. The company said the move was in response to China's new rules for blockchain companies and the broader slowdown in the global blockchain industry. Cheng Handong, chairman, president and chief executive officer of China Net's carrier line, said the company plans to reduce the number of employees by 30% to 45% by the end of 2019 due to limited cash flow and ongoing concerns. This will enable China Net's line to make a minimum commitment to the existing negative cash flow, maintaining and developing a partnership between blockchain and artificial intelligence.