Blockchain Officially in the Technology Strategy of China
An influential government authority stated that blockchain would form an integral part of China’s data and technology infrastructure. The said prominent government authority was also responsible for planning the country’s economy.
The National Development and Reform Commission (NDRC) explained to reporters on Monday that blockchain will participate with other emerging technologies. And these include cloud computing, artificial intelligence (AI), and the underpinning the systems China utilizes to manage the flow of information in the following years.
Initially, the State Planning Commission, the NDRC, is a cabinet-level department that lures up strategies and policies for the direction of the Chinese economy. And now it has a broad brief that covers all investments in public transport to running anti-monopoly probes as well as supervising corporate debt issuance.
Then, on the way new technologies – including blockchain -, become integrated, high-tech director Wu Hao explained that the NDRC would work with appropriate departments to study and issue relevant guidance to improve the development of new infrastructure. Also, they plan to improve the access rules that are conducive to the sustainable and well development of rising industries.
A Subsidiary
In addition to that, an NDRC subsidiary has been developing a new Blockchain Service Network (BSN). And this would give companies access to the tools they need to work on blockchain-based applications. Having already launched for domestic, commercial use, it will open for global firms somewhere this week.
But, last April, the NDRC involved the country’s substantial Bitcoin (BTC) mining sector on a draft proposal for the industries Xi wanted excluded from China. The body discreetly removed mining from its list of undesirable industries. And this happened some weeks after Xi made his thoughts on the massive potential of blockchain abundantly clear last October.
Looking back, the NDRC has shown guidance, and supportive policies for industries they think are vital for the government’s economic strategy. Also, it signed a deal with the China Development Bank in late 2018. The agreement is about providing 100 billion yuan or $14.1 billion in financial support to companies working in emerging tech, like AI and IoT.
Japan STO Association
Meanwhile, the Japan Security Token Offering Association (JSTOA) revealed on April 20; it had issued new guidelines to guard clients’ assets and privacy.
Moreover, the JSTOA has just launched self-regulatory guidelines on how to divide customer assets and electronic record transfer rights. Also, the association attributes the guidelines to the revisions of the country’s Financial Instruments and Exchange Act (FIEA). The Japanese House of Representatives passed this and expected they enforce on May 1.
In a meeting with employees and the Board of directors, the association set out the rules for the electronic record transfer rights. And management of customer assets, among others. Also, the JSTOA will examine the management of separately held customer assets. This will occur once a month with certified public accountants and audits.
Furthermore, the association is requesting for a more precise definition of selling digital assets to elderly customers. They also made efforts to establish guidelines for solicitation. This is all a part of their prevention against investment solicitation.
