Blockchain Needs Regulation, Chinese State Media Says

"People's Daily" is the the official publication of the Communist Party of China
26 February 2018   121

The official publication of the Communist Party of China "People's Daily" called for toughening regulation of the blockchain industry with a view to fostering its further growth. This is reported by CoinDesk.

In a paper published today, February 26, entitled "Three questions to blockchain," the publication expressed total support for government policies aimed at supporting new technologies. At the same time, the party's mouthpiece warned of the growing risks associated with certain areas of application of distributed registry technology.

Blockchain technology is still very immature. We must be cautious about speculation on this concept and separate technology-based innovations from those with a fund-raising purpose. In order to better promote and utilize the blockchain technology, the government should implement strengthened policies and regulations.

People's Daily

The article also provides an overview of the main areas of application of distributed registry technology, including financial services, charity, protection from counterfeits, and so on.

Most of the current blockchain hype is focusing on fundraising and speculation instead of genuinely solving real-world problems with the blockchain technology. 

Hu Danqing

Technology product specialist,  Alibaba's Ant Financial Service

He also noted that the country's authorities should develop legal norms to effectively distinguish technological innovations from simple fundraising. 

Monetha is about to release first version of its wallet app

Monetha's MVP to be released on March 21 exclusively for MTH holders in order to make a significant step towards fully working decentralized trust and reputation system
23 March 2018   71

Starting from March 31 all of MTH token holders will gain exclusive access to Monetha wallet app - the MVP of the project. The release is considered to be Beta release, and approximately 10,500 of the users of the platform will become the first to test out the product. The app will be available on both iOS and Android.

The wallet itself is based on smart contracts and features

  • making/solving claims;
  • rating merchants;
  • writing reviews;
  • review of purchase history;
  • see clients' and merchants' trust ratings

The integration with Monetha through the app will allow merchants to accept Ethereum based tokens as a payment and then easily convert cryptocurrency into fiat currency. Monetha's mission is 'to develop and deploy the best transaction system that would be based on enforceable contracts without third party between consumer and merchants and a strong decentralised reputation management system'. Its solution is going to be universal, transparent, self-executing and transferable.

To the moment of the publication, Monetha's market parameters are as follows:

Average price: $0.102597

Market cap: $22,274,083

Volume (24): $435,208