HomeBlockchainChina is still trying to make new laws for blockchain technology –...

China is still trying to make new laws for blockchain technology – the most recent action.

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  • Chinese politicians are working to quickly make laws about blockchain and new technologies.
  • Yuan Xiaobin thinks the digital renminbi is important for stopping money laundering, but says there are still unclear laws about it.
  • The digital renminbi is new and still being tested. People are not using it much because they are used to using other payment platforms.

China is trying really hard to make new laws about blockchain and put them into action. They want to make the laws and rules easier to understand. This project will also look at the dangers that come with it and ensure that the growth of digital trade and investing is safe and fair.

Yuan Xiaobin is responsible for leading these discussions. He is a famous person in the Chinese government and a leader at Zhonghao Law Firm. Yuan has been observing how the digital yuan (RMB) project in China has been growing and what it means. It started being tested in some areas in 2020.

Yuan says that the digital RMB is special because it can make transactions faster, safer, and easier to understand. This could help stop people from hiding and using illegal money, and make the financial system more reliable. However, Yuan says there is a big problem with the laws for cryptocurrencies.

The current laws, such as the People’s Bank of China Law and the RMB Management Regulations, do not clearly address the digital RMB. This makes it hard to know if it’s legal and how to use it. The law isn’t clear about the digital RMB and the technology is new, so people are worried about risks like protecting user data.

Yuan thinks it will take a long time for people to start using digital RMB a lot. He says that it’s difficult to bring in new ways to pay because people are already used to and like using WeChat Pay and Alipay. Despite these issues, Yuan wants the laws to be changed quickly to give clear legal support to the digital RMB. He says it’s important to have rules for making it, ways to prevent money laundering, and protecting customers’ rights.

Yuan also thinks we should make some rules for people who want to use digital RMB and come up with a plan to make sure it is used in real life. He wants to make sure that people can easily exchange digital money for regular money, so everyone can use the money they want. Yuan believes it’s important to keep studying cryptocurrencies as new technology. He wants to use them in China’s digital economy.

At the same time, Dong Jin, a member of the National People’s Congress and the head of the National Blockchain Technology Innovation Center, wants laws for blockchain and other new digital technologies to be passed more quickly. During the National Two Sessions, Dong talked about how important it is to make rules that can help lower the dangers that come with new technologies. This will make a good environment for the digital economy to grow. Despite the growing number of AI, blockchain, and privacy computing apps, it is causing problems for information security and fair transactions. This is why we need clear laws.

Blockchain is considered a new and helpful tool, but it also has some issues. Dong believes that rules haven’t kept up with the fast changes in technology, which is slowing down the use of blockchain technologies. This delay is risky for the environment and for making sure contracts are legal across borders and keeping data safe.

Smart contracts are a new technology made possible by blockchain. They make it easier to make deals in fields like banking and supply chain management. The legality of these digital contracts is still being discussed, so there are limits to how they can be used.

Dong agrees with Yuan that it’s important to have one set of rules and laws. He also thinks it’s important to balance new ideas with managing risks. He recommends using flexible rules, like assessing risk and tracking in real-time, to advance technology while also ensuring people are protected from potential dangers.

Warning: that the information given is not advice for trading.

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