In 2019, China launched its own Blockchain Service Network (BSN)

[moniya12]

China's Dual Policy
Xi Jinping said in October 2019 that “breakthroughs in key technologies must be accelerated to provide safe and controlled technological support for blockchain development and application.” This was specifically reflected, for example, in the 2019 release by the Cyberspace Administration of China of administrative regulations for the management of blockchain information services, which forced blockchain platforms to collect user data and allowed authorities to access it. The regulations came months after a Peking University student used the Ethereum blockchain platform to evade censorship and voice criticism over a 1998 case of sexual harassment and suicide. The case demonstrated the problems the technology could pose for public policy if not more tightly controlled.

While blockchain technology initially attracted attention for its potential to decentralize and evade government oversight, the emergence of tightly controlled government-controlled blockchain configurations in China now contrasts with the technology’s original libertarian image. For example, EOS, a blockchain favored by the government, is based on a uae telegram number database model in which users vote for representatives, and only these representatives can verify transactions and make decisions about system updates. All transactions and governance decisions on EOS are approved by only 21 main nodes (“supernodes”), and 12 of these nodes are located in China, making it easier for the government to control them.

which was established in April 2020 to reduce the cost of blockchain development, deployment, operation and maintenance, interoperability and regulation. BSN explicitly articulates the differences between two blockchain structures: permissionless, which are decentralized and transparent, and permissioned, in which all attributes are defined by the owner. According to the 2020 White Paper published by the network, the former is difficult to operate in China due to the country's regulations.

Specifically, the Chinese government is promoting a specific type of blockchain and cryptocurrency that is not open or fully decentralized. Intervention (including government intervention) can be done in emergency situations. Data can be rolled back and transactions can be reversed if necessary. In extreme situations, the system can be shut down. The Chinese government is modifying the blockchain to such an extent that some may wonder if the technology can still be called a blockchain. Beijing insists on using the term, which is already causing confusion and misunderstanding.