The Chinese government is preparing to make another major step towards hamstringing cryptocurrency-related activities within the country.
According to a draft of the policy published last Friday by the Cyberspace Administration of China, the country’s internet regulator, blockchain services may soon be required to force users to provide real names and national IDs. These services would be forced to hold the user data for upwards to 6 months in order to shut down accounts that breach the government’s censorship standards.
These policies are being explored “in order to standardize blockchain information service activities, promote the healthy and orderly development of blockchain information services, protect the legitimate rights and interests of citizens, legal persons and other organizations, and safeguard national security and public interests,” states the draft.
This news comes several weeks after China put pressure on companies within the country to drive them to better enforce the country-wide crypto ban. Other reports indicated that the country was set to ban more than 120 offshore cryptocurrency exchanges.
Given that Chinese citizens have already found workarounds to previous regulations, the latest move by the government to hamper blockchain anonymity may be an uphill battle.
More: Notice of the National Internet Information Office on the Public Consultation on the Regulations on the Management of Blockchain Information Services (Draft for Comment)
Photo: Xiquinho Silva / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.