The government of China has decided to partner with the tech giant Tencent on forming a new China Blockchain Security Alliance.
This alliance has been announced yesterday with the commitment to promote security in the blockchain industry at the China Blockchain Security Forum in Beijing that was hosted by the state supported China Technology Market Association.
The alliance will be consisting of the Tencent security team, China Technology Market Association, China Blockchain Application Research Center and another 20 public and private institutions. Governmental advisory agencies will be also included in addition with network security companies and blockchain related organizations.
Long term mechanisms for secure development of the state’s blockchain ecosystem will be worked on by the alliance, but also cracking down on any type of illicit activities in the blockchain space including pyramid schemes and frauds will be also take part in the activities of this organization.
The Beijing conference has taken place despite the rising number of crypto related crimes in the country as some of the recent arrests in April in the northwestern city of Xi’an where a suspected pyramid scheme allegedly have frauded over 13 thousand investors of 86 million yuan or 13 million dollars.
Also the support continues as a blockchain system to digitize paper checks was developed by the China’s central bank and Alipay’s operator Ant International entered negotiations earlier this month to secure 14 million dollar worth of investment for blockchain, security and related tech innovations.