While the United States and a large portion of the European countries continue to show restraint when it comes to blockchain tech and crypto matters, China seems to be embracing the technology. A majority of the state actors in China have gone on record to note the potential held by the decentralized technology.
The People’s Daily, a government-owned media outlet, has been the latest actor to point out the numerous benefits that the country can enjoy a whole if it was to adopt decentralized technology.
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People’s Daily (CCP’s official media outlet) just published another featured commentary as “Blockchain, a breaking point for China to overtake”
Highlighted part really worths extra read here (attached auto translation) pic.twitter.com/y7p3p5vjxC
— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) November 4, 2019
Great Existing Foundation
Dovey Wan, a Chinese Crypto industry insider and Primitive co-founder, recently sent out a tweet indicating that the People’s Daily had just posted an article online highlighting the advantages of using blockchain technology. Wan went on to translate portions of the online article, which stated that blockchain technology was indeed the future.
The article noted that:
“When it comes to the development of blockchain technology, there is no wrong direction to take.”
It went on to call for the introduction and use of a structured approach when it comes to the development of blockchain applications. Developing useful apps will help the country to become dominant and a global leader in the ever-developing digital economy. The post went on to mention several Chinese companies that were making great strides in this sector.
According to the Daily, robust government oversight and monitoring of the infant blockchain space is necessary. This type of control would ensure that technology does not end up being used in illicit activities, such as money laundering. It went on to prescribe appropriate punishment for anyone who may end up using this technology to assist criminal acts.
As has become common in the country, the media outlet did not have anything good to say about cryptocurrencies. It held the belief that using the innovating blockchain technology should in no way be associated with speculation in crypto assets.
China and Blockchain Technology
Recent events in China have proven that the country cannot simply get enough of blockchain technology. The article by the People’s Daily came on the heels of positive statements made by various authoritative figures in the country.
Recently, Xi Jinping, the country’s president, is on record touting the benefits held by this decentralized technology. Reports indicate that the central bank in the country is in the process of developing and launching a digital currency in the coming weeks.
Featured image: independent.co.uk