Bejing's New Concerning Laws For Big Buisness
Beijing is calling it a milestone but people are concerned and the Chinese Government haven't provided enough information about how the wide-reaching law will be implemented. This is scary for businesses because the maximum penalty is 1,000,000 Yuan (about $150,000 USD) and even some potential criminal charges.
What Is The Cost for Businesses ?
Besides the 1,000,000 Yuan penalty ultimately how much is this going to cost because the penalties are just the tip of the ice berg for some companies. "what's all this going to cost at the end of the day?" Benjamin Cavender, a principal at China Market Research Group. Because the new law has people confused the big companies in China are asking how much this is going to cost business, Also this new law is forcing companies to even change platforms here is what Benjamin had to say on this topic "If you're a company that was previously using services that aren't going to be looked on favorably in China, and you're forced to migrate to a new platform — that gets expensive really quickly,"
Why Is This A Big Problem For Beijing?
A new part of the law would require Data storage to be keep in China, this is a very big concern. Being forced to store data domestically could pose a few problems such as foreign firms normally need to transfer information outside of China and also sensitive information on Chinese servers might mean the government can look at everything on the servers, exposing multinationals to industrial espionage.
For some smaller companies who do storage outside of China this could take up all their resources to change everything to local servers.
Why?
For Beijing, this is one of the ways to try and protect Chinese data from foreign spying by keeping everything contained onshore but also presents a potential challenge as many domestic companies are going global.
"The asymmetry between the access that Chinese companies enjoy in other markets and the access foreign companies have in China has been growing for some time," said Kenneth Jarrett, the president of the American Chamber in Shanghai.
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great, let's follow ;-)
This was a good post and it is worrying that China is as censored as it is. This will also affect the potential market penetration of Steemit...
more people should know about this it could play a huge role and i'am kinda scared (not proper english ik im tired)
Great article. Thanks for the info. @seansteem
Thank you for reading