China's central bank, People’s Bank of China (PBoC), recently announced a partnership with Huawei's mobile phone giant to research blockchain.
The PBOC digital currency research department will work with Huawei to develop an understanding of decentralized database technology that supports cryptocurrencies.
This news was announced from Huawei's official WeChat account. It is known that PBOC deputy governor Fan Yifei and Huawei CEO Xu Zhijun had a meeting held on Monday afternoon at the company's headquarters in Shenzhen. The two visited the giant digital transformation gallery on their mobile phones before revealing the deal. Revoicely Review
Huawei has strong cooperation capabilities
It is known that the agreement between Huawei and the PBoC Digital Currency Research Institute is the first example of a large company working with Chinese financial institutions to explore the meaning and application of blockchain technology.
A lot of information has been released recently that shows China is supporting technological innovation. One of the various aspects of that support seems to have led to the price of the top cryptocurrencies soaring.
Since then, the Chinese government has abruptly backed the blockchain with other announcements. For example, Guangzhou City recently announced a $ 150 million fund for blockchain projects and the central government has created 25 lessons on innovation. They even include information about Bitcoin and Ethereum. PinKing Review
Many Bitcoin and crypto believers have argued that anything good for blockchain technology is also a good default for the broader cryptocurrency industry as a whole. However, China has just issued a warning to its citizens that support for blockchain does not mean that they allow the use of this technology to "speculate on fraudulent currencies".
Other commentators have questioned China's interest in technology. They argue that a highly centralized, authoritarian government is hard to support Bitcoin without borders, censorship, anarchy and similar crypto assets. It remains to be seen how Huawei will affect this view in the near future.
Anyway, the unexpected support for China's blockchain has also led to strong growth in local coins like Neo, TRON and Onology.
Need to maintain the rationality
Recent government announcements call for investors to remain rational. As a Dovey Wan tweet shows a photo of a People's Daily article claiming people use the technology for criminal purposes (money laundering, spreading illegal information, and making purchases, illegal goods or services) will be subject to severe fines. FreebieCommissions Review
