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.
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.
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.