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China is anonymity in crypto to an end currencies – Coin Hero

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China is anonymity in crypto-currencies, the end of

Home News China is anonymity in crypto-currencies, the end of

Matthias Nemack –

A Chinese authority in February, new rules for the block chain industry. The result is that users will no longer be able to anonymously interact.

CAC has developed rules for Blockchain-companies

While it is missing in many countries, such as had to clear Rights for the digital world, the people’s Republic of China in this point in terms of the Blockchain, the Bitcoin and all other crypto-currencies is a good step. Or a bad – at least from the point of view of many users, the trust, for example, Ethereum, because the digital currency having a high degree of anonymity. And it is precisely at this point, the CAC, the Cyberspace Administration of China currently. At least the government waives further Krytoverbote as in the past.

Registration is compulsory for companies, and Transfer of customer data

A new Directive requires companies working in China with the Blockchain, from the middle of February, to make User data available. In addition, the Blockchain will need to make companies from the 15.02.2019 a registration to the Chinese market. These new rules pose for both the company as well as the user of a restriction. In particular, however, China undermines once more an important Instrument of the Blockchain. From the environment of the authority, the notice reads, of course, significantly different. There it is, they wanted to strengthen the rights of citizens and at the same time, also for industry companies more protection than in the past.

Legal consequences in case of infringement is not excluded

At the end of a “healthy technological development. If the developers of Litecoin and co. a similar view, may be doubted. The new rules are primarily the result of a claim by the Ministry of Finance as November of last year. At that time, the Ministry called for more Surveillance in the Blockchain world. The User will have to specify when registering your mobile phone numbers and their personal identification data to be transmitted in the next step of the CAC. Unlawful behavior of the company is first fined and later criminal consequences.

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