The Biggest Chinese Political Event Concerning Blockchain Technology

The Biggest Chinese Political Event Concerning Blockchain Technology

China’s policy advisors from throughout numerous sectors are weighing in on domestic blockchain improvement throughout the primary days of an ongoing annual political event. Known as the two periods, comprising the National People’s Congress and Chinese People’s Political Consultative Conferece, the occasion these 12 months has already seen a huge variety of feedback on blockchain from provincial and municipal representatives to chief executive officers of popular internet organizations. The two periods began on March 3.

The National People’s Congress is Chinese top legislative arm, which proposes regulations and oversees its enforcement, even as the Chinese People’s Political Consultative Conference serves a consultative function for lawmakers, with its membership coming from corporates and political parties, in addition to ethnic organizations in China. Each activities are hosted every spring over the course of ten days at countrywide, provincial and municipal stages. Even as the subject of blockchain has yet to make it to the lawmakers’ timetable, remarks from Chinese People’s Political Consultative Conference participants have added interest to the tech to each local and national political events.

Even as China has already clamped down on initial coin offerings and fiat to digital currency order book trading since September 2017, the authorities remains stepping up its assist for turning blockchain into real-life programs. Talking to that attempt, Pony Ma, chief executive Officer of China’s internet organization Tencent, stated in a press Q&A session throughout the Chinese People’s Political Consultative Conference that his organization is actively exploring numerous scenarios that might see the application of blockchain technology, in line with a report from Sohu.

Pony Ma said:

“Even though the invention of blockchain is great, the important thing to its future lies in large part in actual programs. Meanwhile initial coin offerings continue to be incredibly risky. We do not intend to take part in launching our personal digital currency.”


However, Li Yanhong, chief executive Officer of seek giant Baidu, mentioned that even as blockchain is innovative, it is nonetheless a completely early level, in line with China’s technology information Leiphone. The remarks are mainly in step with latest tendencies of the two net companies, as Baidu and Tencent have both lately released blockchain as a carrier structures to be able to facilitate organizations that seek to develop programs using the Blockchain technology.

Meanwhile, Zhou Yanli, currently a Chinese People’s Political Consultative Conference member and previous vice chairperson of the China Insurance Regulatory Commission, doubled down on his belief that blockchain programs promise to play a main function in enhancing the efficiency of such type of business in China. China has already seen joint efforts in piloting blockchain application in the insurance industry. As stated, in April 2017, a group of ten insurance organizations stated it had finished a blockchain trial within the country. But as attention within the technology grows, a few policy advisors are casting doubts on components of the blockchain industry.

As an example, Zhou Hongyi, chairperson of internet protection company Qihoo 360, said:

“The only actual application of blockchain I may see thus far is bitcoin. And yet within the history of blockchain development, plenty of exchanges and wallets have been hacked, which proves blockchain desires serious protection improvement.”

Ding Lei, chief executive Officer of net technology organization NetEase, believes that plenty of the modern interest given to blockchain is pushed by speculation. Lei cited:

“Programs must be developed in accordance to real marketplace needs, rather than just using the name of blockchain for speculation.”


Addressing the problem of speculation, Wang Pengjie, a Chinese People’s Political Consultative Conference member from minor political party Zhi Gong, proposed a regulatory framework that might probably deal with tokens as public stocks. Wang Pengjie stated:

“A regulated digital currency trading platform beneath the oversight of People’s Bank of China and Securities Regulatory Commission might serve as a formal way for organizations elevating finances through initial coin offering and buying and selling digital currencies.”

Even as the occasion has seen outstanding remarks at the countrywide level in Beijing, town-level meetings have additionally mentioned methods to foster blockchain developments. In line with Leiphone, in China’s Guangxi Province, policy advisors from the provincial Chinese People’s Political Consultative Conference have already proposed the drafting of digital currency pleasant suggestions to draw companies that design, develop and put in force blockchain applications.

In addition, Chinese People’s Political Consultative Conference participants at a town-stage conference in Chengdu mentioned that the local authorities must have a policy in place to construct an incubation center to foster adoption of blockchain within the metropolis’s economic offerings. However, the mayor of Hangzhou, the metropolis in which e-commerce giant Alibaba is based, cited that it’d make blockchain certainly one of its top priorities for this 12 months, in order to foster quality improvement within the field.

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