Chinese Authorities Define Blockchain Technology

Kataryna Kovtun July 22, 2020


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The Supreme People’s Court of the PRC, together with the People’s Development and Reform Commission, has released two documents that define blockchain technology and mention digital currencies. This was announced by Dovey Wan, Founding Partner of Primitive Ventures.

The first document is a technology guide, the second is a policy for evaluating industrial blockchain applications. They define technology.

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According to Wang, the guidelines envision many legal blockchain use cases, including digital fiat and China’s national digital currency.

Local newspaper 8BTC notes that there is no mention of decentralization and tokens in the documents. At the same time, the guide notes the role of the state in protecting the rights associated with digital currencies.

Recall, last week it became known that 140 government institutions in China have switched to the blockchain. (Read more)

Earlier, Chinese Uber and one of the leading food delivery services in the country reported on participation in testing the government digital currency. (Read more)

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