Chinese Government Seeks Feedback on Data Security Standards
By Luke Flowers – Cryptocurrency Broker
A recent document was released by the Chinese Ministry of Industry and Information Technology focusing on data, calling for feedback on draft guidance for the security of data within blockchain technology. The report details data and information as a ‘national basic strategic resource’. This means the standards of data security in the industry of blockchain and the other technology sectors could pose a major concern for data keepers. For social production, data is also a pioneering component.
The success of telecom and internet sectors needs correct data maintenance, security, and big data to accelerate and develop well. The ministry is requesting this feedback as soon as possible in order to tackle the rising complications along with risks because it is important for China’s digital economy.
New generation technologies like blockchain, cloud computing, artificial intelligence and FG are all becoming increasingly popular, however security standards to not apply across all. The new document details 3 key dimensions for security development within blockchain, including application services, system designs (including smart contracts & consensus mechanisms) and basic components like cryptography & network communication. All three of these are important factors because one of the key advantages of buying & selling crypto is doing so with secure privacy. This standardization would focus on data privacy, secure digital asset storage and protecting network interactions.
China’s Ministry of Industry and Information and Technology has been playing a vital role in bringing together development standards for blockchain technology. The effort started back in 2016 locally, however, 10 international blockchain standards were published in spring 2018.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards