UTC-05:00,Sunday , May 24th 2020

CPPCC Member Proposes To Formulate Blockchain Law

12:24 Saturday , May 23rd 2020
GONG Fuwen, member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and president of the High People's Court of Shaanxi Province, suggested that the country should pay close attention to the formulation of the blockchain-focused law. GONG believes that blockchain technology is a double-edged sword, which can not only promote economic and social development, but also be used by criminals, and its development must be regulated according to law.
The formulation of the blockchain law should further clarify the legal relationship, rights and obligations, and the principle of liability, scope of responsibilities, and remedies of the parties involved in blockchain development and application. Intellectual property, smart contract, data sharing, and privacy protection and other legal issues should be stressed, so that blockchain can truly be adopted on the legal basis. China ought to promulgate digital currency supervision rules as well. There is an urgent need to introduce digital currency supervision rules, strictly regulate blockchain project financing, strictly prohibit digital token issuance and transactions, maintain financial order, and prevent financial risks, and implement the requirements of governing the network according to law. Meanwhile, the country should improve the blockchain project development permission and filing system, implement the full supervision on the integration of the blockchain and the Internet, and trace the accountability for fake news, making the network more transparent and data truly trusted. It is also necessary to establish an electronic data protection system. There should be special protection requirements for the generation, use, circulation, and management of blockchain data, clearly specifying the rights, obligations, and responsibilities of each data subject, and achieving a balance between data openness, privacy protection, and data security.
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