BLOCKCHAIN

China is tightening the belts on the cryptocurrency industry

The National Committee for the standardization of  blockchain in China will be established by the end of this year. It was recently announced by the head of the Information and Software Department of the Ministry of Industry and Information Technology Li Yin. In a keynote speech at the Guiyang Big Data Expo on Saturday, Li Yin said that the structure of the committee would be similar to that of the TC307, similar to the commission from the International Organization for Standardization (ISO).

Thus, the government expects by the end of 2018 to complete a comprehensive standardization of the detachment.

“We closely cooperate with ISO and the International Telecommunication Union (ITU). This year, the National Technical Committee on the standardization of detonation should begin work, “Yin noted.
In February, the official publication of the Communist Party of China, Renmin Ribao, called for a tightening of the regulation of the blocking industry in order to foster its further growth.

China and Bitcoin
China and Bitcoin

It is worth noting that after the Internet financial risk special group meeting local authorities, backed by the Central Bank of China, in the beginning of 2018 began to close all cryptocurrency mining operations in China. As was explained by the Chinese decision-makers, cryptocurrency mining operations that nowadays create a huge part of the worlds supply of Bitcoin constitute an enormous risk for the Chinese internet finance. What is more, cryptocurrency mining needs a big amount of resources –both natural and human, and encourages the speculative cryptocurrency.

Many cryptocurrency enthusiasts, especially from the remote parts of China, already started closing their mining farms, although there is no urgency in it. Professionals argue that such a radical step will significantly influence Bitcoin price and market capitalization volumes.

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blockchain, ICO, bitcoin, ethereum, mining

BLOCKCHAIN


China is tightening the belts on the cryptocurrency industry

Published by blockchain, ICO, bitcoin, ethereum, mining