A senior official from the Chinese securities authority has highlighted the critical role that blockchain will play in China’s digital economy, as well as the importance of ensuring the quality of data.
Tao Qian (姚前), head of the China Securities Regulatory Commission’s (CSRC) regtech department said that “reliable data based on the blockchain will be the key to high-quality digital transformation.”
“If data is unreliable in the digital era, then all digitisation developments are just castles in the sky,” said Tao on 6 August at the “Searching for the Strength of Blockchain” (寻找区块链力量) event held by Sina.
“At present the most important thing is advocating for the high-quality development of the blockchain. To this end, we need to strengthen regulation of data both on-chain and off-chain, and establish an effective blockchain regulatory system.”
Tao outlined a series of measures for improving the regulation of both blockchain technology and blockchain data including:
- Establishing adaptable top-level policies. Systematically drafting overall blockchain development plans, blueprints, mission lists and timetables.
- A combination of regulation and self-discipline. Explore innovative mechanisms for coordination between market authorities and markets. “Digital infrastructure is a public good, and is non-exclusive and non-competitive.”
- Seizing the bull of blockchain “digital regulation” by the horns and driving the high-quality growth of blockchain. Strengthen the application and innovative growth of domestic encryption algorithms, to ensure that Chinese blockchain technology is secure and under control. Given the real environment, consortium chains are perhaps the better choice for application and implementation.