Blockchain Needs Regulation, Chinese State Media Says

"People's Daily" is the the official publication of the Communist Party of China
26 February 2018   490

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. 

Santander to Deny XRP Token Usage Info

It turned out that bank uses xCurrent in One Pay FX instead of XRP token for international payments, as it stated earlier
25 March 2019   71

Santander, a large Spanish bank, in its Twitter spread incorrect information about cooperation with Ripple.

And although the majority of cryptocurrency holders reacted positively to the statement of Santander, some of them drew attention to the fact that this news had no effect on the growth of XRP trading volume.

It soon became clear that the bank provided incorrect information.

xCurrent allows Ripple customers to make payments using Fiat as well as digital currencies. A similar product, the operations in which are carried out using XRP cryptocurrency, is called xRapid.

Despite the official apology, some commentators suspected the bank of manipulating the market.