A Senior Chinese Official Suggested to Step up the Formulation of the Blockchain Law

ChainDD
ChainDD

May 24

摘要: Gong Fuwen believes that blockchain technology is a double-edged sword, which can not only promote economic and social development, but also be used by criminals.

According to the People's Political Consultative Conference website, Gong Fuwen, a member of the National Committee of the Chinese People's Political Consultative Conference and President of the Shaanxi Provincial High People's Court, suggested that the state should step up the formulation of the Blockchain law. 

Gong Fuwen 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.

In his opinion, the formulation of the blockchain law should further clarify the legal relationship, rights and obligations, principle of liability, scope of responsibilities, and remedies of the parties involved in blockchain development and application.

Then, it should focus on studying and solving legal issues such as intellectual property rights, smart contracts, data sharing, and privacy protection in the blockchain technology, so that the blockchain can truly have a legal basis. Besides, it should make digital currency supervision rules.

Third, there is an urgent need to introduce digital currency supervision rules, strictly regulate the financing of blockchain project and prohibit the digital currency issuing and transacting, maintain financial order, prevent financial risks, and implement the requirements of governing the network according to law.

Fourth, it should improve the development permission system and filing record of blockchain project, implement the supervision of the entire process of all transaction data with all time and space. Besides, it should have the accountability to trace fake news, and make the network more open and transparent so that data is truly trusted. Furthermore, it should establish an electronic data protection system.

Finally, 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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