China’s Shift of Attitude on Crytpo - China Finally Nice?
Is China finally playing nice with blockchain technology and cryptocurrencies? The government controlled main broadcaster, China Central Television (CCTV), recently released a segment on blockchain technology as perhaps one the biggest official endorsement to date.
CCTV produced this video for their viewers, featuring government officials and cryptocurrency experts, educating people on blockchain technology. The hour long segment does warn people of the risk of fraud that can be present in the blockchain community, but overall has a very positive attitude towards the technology.
The President of China himself, Xi Jinping, praised blockchain technology on May 28th, as the technology continues to become a foundation in China’s ambitious plans. Xi spoke at the Chinese Academy of Science’ nineteenth annual conference in Beijing.
Xi said,
“The new generation of information technology represented by artificial intelligence, quantum information, mobile communication, internet of things, and blockchain is accelerating breakthroughs in its range of applications.”
“We have established verifiable blockchain programs in China, and nearly 200 private enterprises have expressed interest to join. [This] will help blockchain technology and industry to become more transparent and open.”
This is a breath of fresh air for the blockchain technology community as we are getting official endorsement from government officials.
However, not all is certain as China’s embrace of blockchain technology. Beijing has stated that it likes blockchain, but not cryptocurrencies. This means that China is not necessarily interested in public blockchains where tokens are a requirement. Rather, China is rejecting some fundamental ideas often associated to cryptocurrencies such as freedom from government control.
Xu Hao, a senior official with the Guizhou government, drove home that point in the CCTV segment:
“When talking about blockchain, many people are talking about ‘decentralization.’ I’d like to make a small change to the word. I think the essence of blockchain is ‘de-intermediarization.’ There is no way to get rid of the center.” In China’s eyes, blockchain needs a central group which selecting which blockchains technologies are required and which cryptocurrencies will thrive.
As discussed in our previous article about China’s Social Credit System, China is a country that endorses only a few select coins. On top the the coins NEO (NEO), WaltonChain (WTC), & DeepBrain Chain (DBC), we recently learned that MatrixAI Network (MAN), successfully locked in a partnership with the Belt and Road Development Centre.
The One Belt One Road project is a vision China has that connects the entire modern world together, just as the silk road once did back in history. Click on the link below learn more about: One Belt One Road Initiative
One thing we do know with China, if they have their minds set on achieving something, they will invest a lot into making that goal into a reality!
As always, always do your own research and come up with your own conclusions!
Cheers,
The Blockchain Musketeers
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Disclaimer: The information provided by the Blockchain Musketeers is our own opinions and should not be taken as investment advice, financial advice, or any other sort of advice. Nor should this information be used to determine if you should buy, sell, or hold a cryptocurrency. Please conduct your own due diligence and consult your financial advisory before making any investment decisions. Only invest money which you are willing to lose, as cryptocurrencies is not suitable for all users.