Analysis: China's support for blockchain development is actually a set of "combination punches"

Text: Mutual chain pulse · Golden car

Source: Interchain Pulse

Since the Xinhua News Agency released the "1025 Learning Speech", the blockchain is like a spring breeze. Governments across the country have also begun to respond positively to the country's blockchain development strategy.

On October 28 (Monday), the implementation rules of the Blockchain Policy 2.0 of Huangpu District of Guangzhou City were officially issued;

On the same day, Kunming issued a digital economy policy, with a maximum subsidy of 10 million yuan for demonstration applications such as blockchains;

On the same day, the Zhongguancun Management Committee publicized a list of support for research and development expenses for small and micro enterprises in science and technology, including a number of blockchain enterprises.

In the hot land of technological development, the “blockchain building” belonging to China seems to be rapidly adding bricks and tiles and gradually completed.

The inter-chain pulse is concerned that the country's layout of the blockchain field is far more than that. From the supervision of the 49th in 2017, the introduction of a number of regulatory policies and blockchain standards in 2018, and the implementation of the information processing system for the blockchain information service in 2019.

Putting together the above-mentioned blockchain supervision and affirmative action, it seems that the country can systematically design the blockchain.

To falsify the truth: supervision and filing to build a foundation for the development of blockchain

Before the "1025 study speech", if we talked about the government policy that brought great shock to the blockchain field, it must be "Nine-fourth regulation."

In 2017, the digital currency moved to an all-time high, followed by chaos in the blockchain field. As a result, the state began to strengthen the supervision of the blockchain field in order to rectify speculation and disrupt the development of the blockchain environment.

On September 4, 2017, the People's Bank of China, the Central Network Information Office, the Ministry of Industry and Information Technology, the State Administration for Industry and Commerce, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission jointly issued the "Announcement on Preventing the Risk of Subsidy Issuance Financing". According to the announcement, domestic activities to issue financing through the issuance of tokens, including the first token issue, have sprung up, speculation and speculation, and suspected of engaging in illegal financial activities. It is further proposed to ban and shut down the domestic ICO projects and digital currency exchanges.

After the announcement of the directive, hundreds of domestic related institutions closed directly, and investors in a large number of currency circles suffered losses. But compared to this, this day is more like the first shot of the blockchain reform, the chaos in the blockchain field was "black card".

And after the 1994, the inter-chain pulse observation, the country's "counterfeiting" action in the direction of the blockchain "de-fake the truth" has not stopped.

On September 13, 2017, the China Internet Finance Association issued the "Tips for preventing the so-called "virtual currency" risks such as Bitcoin";

In January 2018, the China Internet Finance Association issued the “Risk Tips on Preventing Disguised ICO Activities”;

In April 2018, the Joint Meeting on Disposal of Illegal Fund Raising was held at the Banking Insurance Regulatory Commission. The central bank said it severely cracked down on "virtual currency" related activities suspected of illegal fundraising;

On August 23, 2018, Mutual Rehabilitation Office stated that it will regularly arrange and close the websites and public numbers related to ICO and virtual currency transactions in China; the next step is to take targeted clean-up measures to maintain financial order and social stability;

On August 24, 2018, the Banking Insurance Regulatory Commission and other five departments jointly issued a risk warning on the prevention of illegal fundraising in the name of “virtual currency” and “blockchain”.


Based on the continuous advancement of supervision, the development environment of the domestic blockchain has become clearer. After the “anti-counterfeiting”, the management of projects and institutions that truly develop blockchains and promote blockchain technology and entities have also been put on the agenda.

The National Network Information Office issued the Regulations on the Management of Blockchain Information Services on January 10, 2019. The "Regulations" pointed out that as an emerging technology, blockchain brings opportunities for national development, but also brings certain security risks. Some blockchain information service providers are not aware of their security responsibilities, and their management measures and technical support capabilities are not perfect, posing new challenges to Internet information security.

Therefore, the Regulations require blockchain information service providers to fill in the filing information.

Up to now, hundreds of projects and institutions have been filed in China. On March 30 this year, the national network letter office distributed the first batch of 197 filing projects; on October 18, the second batch of 309 blockchain information services through filing was announced. China's blockchain filing system has gradually realized its operation.

At the same time, the inter-chain pulse is concerned. Compared with the first batch of filing lists, more items in the second batch list come from state functional departments, state-owned enterprises and other organizations. The national team has a strong entry into the blockchain field.

The reason why the blockchain has not yet achieved large-scale application landing has begun to advance the filing work. Or because of the previous experience in the development of Internet finance, it is understood that the relevant provisions on the registration of online loan platforms have been issued for more than two years, and no platform has been filed. In 2019, the blockchain was put forward for record, at the time.

At this point, under the dual control of supervision and filing, the foundation of the national “blockchain building” has been firmly constructed.

Legislation and standards: forming a blockchain development framework

After the filing and production and the country's clear development strategy, the legislation has been further implemented.

On the afternoon of October 26, the 14th meeting of the Standing Committee of the 13th National People's Congress passed the cryptography and said that the law will be implemented from January 1, 2020.

Because cryptography is the core of blockchain technology. The introduction of the cryptography method will undoubtedly provide a strong legal basis for the commercialization of blockchain-related encryption technology. The standardization of encryption protection and security certification will also be more conducive to practitioners to promote the corresponding technological innovation and application.

At the same time, the inter-chain pulse is concerned that another law closely related to the blockchain field, the Privacy Protection Act, is also in the process of continuous advancement.

In July of this year, the China Youth Daily mentioned in the article "How to Improve the "China Program" for Privacy Protection". In fact, China is rapidly advancing privacy protection. Last year, the recommended national standard "Information Security Technology Personal Information Security Code" was officially implemented. This "Specification" has clearly put the principled provisions of the "Network Security Law" on the ground, filling the gap in the practice standards of domestic personal information protection. However, the Code is a recommended standard and not a mandatory standard, so it does not have legal force. Wang Xinrui, senior partner of Beijing Anli Law Firm, said that the next step should be legislation.

As the legislation in the field closely related to the blockchain continues to advance, the development of the industry will be more standardized, and there will be a clearer and more positive direction.

Before the legislation, the first step to standardize the blockchain industry is the formulation of blockchain standards.

Inter-chain pulse has been counted. As of May 2019, there are 1 blockchain national standard, 16 blockchain group standards, and 13 blockchain industry standards.

The blockchain national standard "blockchain and distributed ledger technology reference architecture" was developed by the China Electronics Technology Standardization Institute, directly under the Ministry of Industry and Information Technology, and was approved as the first national standard in the blockchain field.

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Industry standards are basically proposed by the CCSA (China Communications Standards Association) and the Trusted Blockchain Program.

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Group standards are mostly proposed by China Blockchain Technology and Industry Development Forum, Trusted Blockchain Program and China Blockchain Measurement Alliance (CBTCA).

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At the same time, China is also actively involved in the process of formulating international standards: co-editing the two standards proposed by ISO, participating in the development of two international standards proposed by IEEE (Institute of Electrical and Electronics Engineers); participating in ITU (International Telecommunication Union) proposed the development of six international standards for blockchain.

In addition, on October 29th, with the approval of the People's Bank of China, the global digital finance center jointly supported by the China Mutual Gold Association and the World Bank was formally established in Hangzhou. It is understood that the global digital financial center will work to promote the international consensus on digital finance development and promote the dissemination and application of good practices, standards and experience in digital finance.

Standards and legislation can be said to be based on supervision and set a positive development framework for the further development of the blockchain.

Local policy to cooperate with China to play blockchain "combination boxing"

On the first Monday after the publication of the "1025 Learning Speech", local governments also began to promote the blockchain-related support policies and increased capital investment in the blockchain field.

In Huangpu District, Guangzhou, which has long been in the field of blockchain, on October 28th, the “Detailed Implementation Rules for Several Measures for Accelerating Blockchain Industry Development in Guangzhou Development Zone of Guangzhou Huangpu District” was officially issued.

The rules said that it is encouraged to set up a 1 billion yuan blockchain industry fund to attract social capital agglomeration to form a capital supply effect, and provide enterprises with multi-level services such as angel investment, equity investment, and post-investment value-added; The enterprises or institutions of the blockchain public chain and alliance chain construction projects adopt the post-subsidy subsidy method, in which the blockchain public chain construction project has a maximum subsidy of 10 million yuan and the blockchain alliance chain construction project has a maximum subsidy of 3 million yuan.

On the same day, the Kunming Municipal Bureau of Industry and Information Technology also issued a number of policies (Trial) to support the development of the digital economy (draft for comments).

The document pointed out that Kunming supports enterprises to carry out demonstration projects of typical scenarios such as blockchain, Internet of Things and automatic driving around major projects such as smart cities and future communities. For the implementation of the digital economy, new technologies, new products, new formats, and new model demonstration projects that are effective for the local industry, the subsidy of up to 10 million yuan shall be granted according to 20% of the investment.

The combination of industrial policies and national strategies in various regions has not only added a fire to the practical development of the blockchain, but also formed a “combination boxing” of the Chinese blockchain.

Mutual chain pulse observation is precisely under the impact of China's "combination boxing", and foreign countries have begun to respond.

On October 29th, the Ministry of Science and Information and Communication Technology of the Republic of Korea confirmed that the government will invest about $12.8 million in blockchain projects by 2020. The Department outlined a range of spending plans that would help to promote blockchain programs in the public and private sectors and hope to train a new generation of blockchain experts.

It can be seen that the skyscrapers belonging to the Chinese blockchain are being constructed and are receiving international attention. Under the overall planning of the country, it also needs the power of the industry to jointly promote the blockchain and seize the opportunities of international development.

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