Chinese authorities are associating with Tencent, the big tech giant on the formation of another China Blockchain Security Alliance, according to a report from state-owned ChinaNews June 21.
Intending to advance security in the blockchain business, the new alliance was declared at yesterday’s China Blockchain Security Forum in Beijing, facilitated by the government supported China Technology Market Association (CTMA).
According to ChinaNews, the partnership will comprise of Tencent’s security arm, CTMA, the China Blockchain Application Research Center, and 20 other open and private foundations, including government advisory offices, network security firms, and blockchain-related associations.
It is comprehended that the union will work to set up a long-haul mechanism for the safety improvement of the nation’s blockchain environment, and also attempting to get serious about illegal exercises in the blockchain space, including fraudulent business models and scams.
As ChinaNews takes note of, the Beijing conference was held in the midst of the setting of a rising number of blockchain and crypto-related illegal activities in the nation, most remarkably an ongoing suspected crypto fraudulent business model asserted to have created more than 13,000 investors of ¥86 million ($13 million), prompting four arrests in the northwestern city of Xi’an this April.
As an inside and out Cointelegraph report not long ago sketched out, China is setting blockchain at the fore of its technological innovation policy, even as it seeks after a serious line against cryptocurrencies.
In the latest prominent case, China’s President Xi Jinping included blockchain for instance of another age of advancements that are quickening “breakthroughs” in “reconstructing the global innovation map and reshaping the global economic structure.”
China’s national bank has recently developed a blockchain system to digitize paper checks, while China’s Ant International – the administrator of Alipay – went into “definitive agreements” not long ago to anchor $14 billion to put resources into blockchain, security and related technological development.