For the first time in the history of crypto, a cryptocurrency project – in other words, a sub co – was officially approved by a national government. Chinese government agency officially recognized the decentralized cloud computing network aelf (ELF).
aelf was designed as a platform network that uses cloud computing to radically improve scalability. In December 2017, the project hosted a private ICO, open to VCs only. aelf, testnet reached 15,000 TPS in August. As part of the Ministry of Industry and Information Technology (MIIT), CESI approved thirty companies, including Tencent and Alipay, as part of the program launched in late 2017.
aelf today announced that it has passed the Standard Blockchain System Function Test, an accreditation program run by the Chinese Institute of Electronics Technology Standardization (CESI). The certificate means that the project meets some criteria related to its architecture, stability and key performance expectations. The Chinese government supported largely distributed accounting technology and provided 30% of the funds for a new $ 1.6 billion Blockchain incubator in September 2018.
Speaking to Crypto Briefing, co-founder Zhuling Chen suggested that China could be at the height of a major change. Regulators have been reported to have “awakened için for cryptocurrencies since Facebook announced the Libra earlier this year. Digital assets can find a legitimate place in China. Last week, a Chinese court ruled that Bitcoin (BTC) meets the criteria for admission as a property. Analyst Cao Yin interpreted this as a sign that “financial authorities are beginning to loosen their control over Bitcoin and the cryptocurrency”.
. A source familiar with the Chinese regulatory process states that CESI is only an advisory body, that is, none of its principles are legally binding. It is not yet clear what the long-term effects of aelf’s CESI certification mean for Chinese cryptocurrencies.