The Chinese government is tough on the activities of various blockchain companies. Various kinds of bans and lack of licensing sometimes created serious problems for the cryptocurrency market. More recently, the government agency of this country made a decision to issue AELF accreditation. Thus, now the ELF blockchain can function on the territory of the state quite legally. This news is important for the world of cryptocurrency, as it suggests that the Chinese government is gradually softening its policy on blockchain technology.

Issuance of a permit

The official approval of activities in China was a major event for the AELF project. The team of the company claims that a test was previously conducted, which is called the Standert Blockchain Function Test. The company passed it successfully, which made it possible to obtain accreditation in the country.

The received certificate means that AELF complies with the requirements set forth by the legislation of the country. This shows a high level of stability of functioning, a sufficient level of performance, as well as compliance with a given architecture.

Implications for AELF

First of all, AELF gets more opportunities for cooperation with companies from China. A new market is opening up for it, in which there are not many competitors in this area. The situation makes it easier to find partners for cooperation. The test was conducted by the Institute for Electronic Technology Standardization.

At the moment, there are about 30 companies that have received such a permit. The requirements put forward by the institute are quite stringent, so not every enterprise can receive accreditation. In turn, this creates an additional positive status for AELF, as it sets it apart from the rest. In addition to this company, the system for sending payments Alipay and the electronics manufacturing enterprise Tencent passed the test.

Management statements

AELF CEO M. Haobo said that the decision made by the Chinese commission and the certificate they provided are a confirmation of the high quality of the companys employees, as well as the properties of the company. This is an official confirmation that the company meets high quality standards. This provision should attract more customers and increase the network of partners. It should be noted right away that the issued permission applies only to the companys blockchain. ELF cryptocurrency is still prohibited and cannot be used in China. At the same time, these are the first steps in this direction and not every company that is connected with blockchain has such successes.

Softening attitude towards cryptocurrency on the part of China

The significance of this development is that it is one of the few concessions made by the government to blockchain businesses. Previously, decentralized networks could not get any kind of support or official recognition. Even taking into account the various conditions of the ban, China manages to exert a great influence on this area. If the bans are lifted and the country becomes a more active participant in this area, then its influence will grow significantly.

In the fall of 2017, OKEx and Huobi exchanges were banned in China. These are one of the main exchanges in the cryptocurrency market. At the moment, this country has some of the toughest laws that regulate cryptocurrency activities. A softening of the approach to this area has become noticeable only recently.

AELF co-founder J. Chen believes that the Chinese government may soon change its point of view and attitude towards blockchain technologies. In his opinion, the activation of regulators began when announced the launch of its own cryptocurrency. Chen believes that this particular currency will be able to obtain one of the first licenses in China, if this happens. Experts associate the possible legalization of cryptocurrency with the emergence of the next generation of the Internet in the country.

Current market position

Despite the bans of cryptocurrency in China, it is used. Companies like AELF, which have their own tokens, are working and developing. Although the legalization of activities is a desirable result, it does not become the main goal. So far, the government cannot take full control of the activities of such organizations. Judging by the fact that all this time it issued various bans, it was not possible to successfully fight the cryptocurrency. The modern course towards relaxation of rigidity may speak of acceptance of this phenomenon.

There have already been cases where the Chinese courts have recognized that the Bitcoin cryptocurrency is a digital commodity. Naturally, not all people from the cryptocurrency community consider these changes to be successful. Some are skeptical and do not see any prospects in small indulgences.

Opinion of netizens

The Chinese question in the cryptocurrency community is quite tough. Almost every news that is associated with him is hotly discussed. The subject of AELF accreditation is also controversial. Some users believe that Chinas adoption is only a matter of time. The gradual promotion of companies of this kind becomes an additional incentive for the disclosure of all directions in the blockchain field. Some believe that this is a consequence of general changes in the countrys politics, as events occur that contribute to the opening to the rest of the world. In any case, even optimists understand that success in this area will not happen soon.

Another part of users believes that promotion with blockchain does not at all indicate the likelihood of success with cryptocurrency. The lifting of the ban on electronic coins is not expected in the foreseeable future, since the countrys leadership seeks to control everything, and this is becoming one of the main principles.