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ARTICLE · 23 JANUARY 2020

China Accelerates Blockchain Adoption In The New Decade

Jones Day
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The Situation: Authorities in China have cracked down on privately developed cryptocurrency, yet have heavily invested in and encouraged the development of other blockchain applications and services.

ChinaTechnology
Chiang Ling Li
Chiang Ling Li
Haifeng Huang
Haifeng Huang
Stephen Obie
Stephen Obie
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In Short

The Situation: Authorities in China have cracked down on privately developed cryptocurrency, yet have heavily invested in and encouraged the development of other blockchain applications and services.

The Result: The rapidly rising number of blockchain projects in China is accompanied by increased regulation, including a requirement that blockchain-related projects be registered with the Cyberspace Administration of China.

Looking Ahead: As China's central bank continues to develop a government-backed digital currency, there will likely be no lifting of the crackdown on other types of cryptocurrency in China. However, blockchain technology will continue to expand, and foreign companies doing business in China should closely monitor related legal developments.

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