People’s Daily Warns against “Malignant Competition” in Blockchain Development

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The flagship newspaper of the Chinese Communist Party has published an editorial piece calling for greater restraint and safeguards when it comes to the pursuit of blockchain development.

The editorial piece entitled “Encouraging Blockchain Growth is Not Equivalent to Charging up Together, Malignant Competition or Reduplication” (鼓励区块链发展不等于一哄而上、搞恶性竞争和重复建设) points out that the wider application of blockchain technology will necessitate heightened regulatory measures from the Chinese government.

“Blockchain technological applications make greater demands of regulatory capability and levels,” said the editorial.

“Today the integration of finance and technology is becoming tighter and tighter, and is already bringing manifold challenges to administration – the rise and fall of P2P online lending is a classic example.

“This means that as we embrace blockchain technology, we should also strengthen guidance and standardisation of blockchain technology, focus on research and analysis into risk and security, closely track development trends, and actively explore regulatory methods and administrative rules.

“We must explore and establish blockchain technology safety guarantee systems; guide and encourage blockchain developers, strengthen industry self-regulation by platform operators and implement security responsibilities.”

The publication of the editorial piece arrives just a month after President Xi Jinping called for China to direct greater effort towards the development of blockchain technology, providing a momentary boost to global Bitcoin prices.

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