❇China warns against "Mythologizing" Blockchain
👉 The head of the international department of the China Banking and Insurance Regulatory Commission has warned against "mythologizing" Blockchain technology.
👉 Fan Wenzhong said at the 5th Fintech Bund Summit in Shanghai on July 8, that it is difficult to admit Blockchain as a "revolution," because the multi-entry bookkeeping has been circulating for hundreds of years. He thinks that decentralization is not a new trend but a loop, because the earliest human transactions were without central authorities.
👉 China has taken a tough stance on cryptocurrencies. By the end of May, regulators had banned domestic access to 110 crypto exchanges abroad, while police have investigated 300 criminal cases related to digital currencies. In May, a Chinese government analysis revealed that the average lifespan of a Blockchain project is 1.22 years and only8 % of Blockchain projects launched are still alive.
👉 Despite the gloomy analysis, China's president Xi Jinping praised the benefits of the Blockchain, calling it "part of the technological revolution". This a new round of scientific and technological revolutions and industrial changes that will change the global map of innovation and reshape the global economic structure.
