Chinese president Xi Jinping told the Chinese Academy of Sciences that in the 21st century a new technological revolution is underway, and these technologies will be shaping the global economic and political structures.
In this sense, the Chinese government’s interest in blockchain technology is a given. Where on the one hand blockchain has created a competitive technological environment in the country, the government of China wants to control technology in general, like the internet in China, on the other. Therefore, it is not surprising that the government is trying to put strict regulations on the sector from the very beginning.
The Government Announcement
The Chinese authorities had implemented some norms known as the “Regulations on the Management of Blockchain Information Services” in February 2019. The services were supposed to file certain basic information of the company to the authorities after which the authorities were supposed to provide the company with a record number which they needed to display in a “prominent position” like their Internet station.
Based on the review of these records in accordance with the regulations, the Chinese authorities have announced a list of companies which have been validated by the government. The Networks Department in collaboration with other relevant departments have reviewed the main body of the records and has approved them.
The first batch of blockchain services on the list consists of 197 firms. The list includes some of the biggest names of the Chinese internet. It features the blockchain service of Alibaba, Tencent, and JD.com. Apart from e-commerce giants, the list consists of China Zheshang Bank and Ping An Insurance Company. Some smaller names also appear on the list, like VeChain and ParcelX, a parcel delivery service. With the expansion of operations like Alibaba Cloud’s blockchain services outside the country the contention of Chinese success in this technological revolution seems inevitable.