China Plans to Verify Identities of its 1.4 Billion Residents Through Blockchain-Based Platform

Blockchain MARKET_WATCH

China has unveiled plans to use blockchain technology for the verification of real-name identities of its vast population of 1.4 billion people.

The announcement came from the Blockchain-based Service Network (BSN), China’s national-level blockchain initiative, according to a report from the Insider.

The initiative, named RealDID, was spearheaded by China’s Ministry of Public Security in collaboration with BSN.

The launch of the RealDID service will enable users to register and log in to websites anonymously using decentralized identity (DID) addresses and private keys.

This approach ensures that personal information remains disconnected from business data and transactions.

In October, Chinese state media reported that the country’s top six social media platforms, including WeChat, Sina Weibo, Douyin, Kuaishou, Bilibili, and Xiaohongshu, would require content creators with over 500,000 or 1 million followers to publicly display their real names or the names of their financial backers.

BSN highlighted that this implementation represents the world’s first national-level real-name decentralized identity system.

BSN China, operated by China’s National Information Center in collaboration with Chinese tech giants China Mobile and China UnionPay, oversees domestic operations, while BSN Global manages international operations as a separate entity with its own security measures.

US Proposes Bill to Prohibit Use of China-Made Blockchains

Last month, US lawmakers introduced a bill barring federal government officials from doing business with China-based blockchain firms.

The bill also explicitly blocks U.S. government officials from transacting with iFinex, the parent company of Tether, the issuer of the world’s largest stablecoin, USDT.

The bill is intended to mitigate potential national security risks and safeguard private data from foreign adversaries.

However, in a notable development, the US has removed China’s Institute of Forensic Science, a body under the Ministry of Public Security, from its trade sanctions list.

The decision was made to promote counternarcotics cooperation, particularly in combating the trafficking of fentanyl and related chemicals into the United States, despite ongoing concerns regarding China’s human rights practices.

Subsequently, China issued a circular warning its chemical manufacturers against producing fentanyl precursors.

The National Narcotics Control Commission emphasized that individuals involved in the production of these chemicals would be at risk of facing the “long-arm jurisdiction” of foreign law enforcement agencies.

Chinese Firms Push into Web3 Despite Country’s Ban on Crypto

Tencent and Huawei, two major Chinese tech giants, are making notable strides in the Web3 space despite the country’s stringent regulations on cryptocurrency trading.

As reported, at the Staking Summit in Istanbul, a two-day conference featuring top minds in proof-of-stake (PoS) protocols, Tencent and Huawei exhibited their booths alongside industry professionals.

Over the past year, Chinese tech giants like Alibaba, Tencent, and Huawei have been increasingly visible in various crypto events worldwide, either as official sponsors or discreet attendees.

Although their participation lies at the intersection of Web2 and web3 due to China’s cryptocurrency ban, these companies are leveraging their computing resources to cater to web3 startups, similar to how they provide cloud services to established tech verticals.

Source : Cryptonews / Dec 12, 2023

rayn.finance logo

Automata FRANCE SAS

240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma

Italy

The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested. RISK WARNING

Automata ICO Limited has a branch in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act.