China Looking to Spend $2 Billion on Blockchain by 2023

fuguebtc

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Quote from: muslol67 on November 11, 2019, 06:53:50 AM

234252344th article we read about China. But we hear different things every time. Nevertheless, as it is the country with the greatest potential among Asian countries, China's decisions are very important. I don't know if China's Blockchain investments will make a direct contribution to cryptocurrencies. But it will increase the awareness of Bitcoin.

That's correct. Moreover, I don't think 2 billion USD is that much huge money to have any significant effect on Blockchain and Cryptocurrency market. It may create a short bullish run like the one we saw on the previous statement by the Chinese president on Blockchain Chinese President calls for blockchain innovation.

aysg76

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There are many statements regarding China but i don't think they will be willing to legalize cryptocurrencies in order to defeat decentralized system by adopting blockchain technology and trying to create their own centralized coin.But what impact it will have on prices can't be speculated at current so all we to do is wait for time as China is major gameplayer in crypto market.

Darker45

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Here is one of my totally honest thoughts on this. This is possibly the start of a central authority trying to dictate on a decentralized game. This is typical China playing its old role. I am already afraid of the extent of the possible effect of this to the beautiful cryptocurrency or blockchain that we know now. This is just the start and we are already seeing a couple of billion dollars. This might balloon in the months or years following 2023. With this happening, I cannot but imagine billions of termites crawling under and within the walls of a beautiful house.

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Quote from: joinfree on November 11, 2019, 11:06:13 AM

it's such a great relief to see the Chinese country finally adopting the blockchain technology with such a huge investment. I think the government of Chinese has now realized the huge impact and economic growth that blockchain technology can offer to them hence the reason for spending such a huge amount of money on this initiative.

Even so, I think this will not have a huge impact from Bitcoin in general, remember that Bitcoin is different from Blockchain. The fact that China will release their own digital currency this might be used as a support for their existing currency. Perhaps, this big country wanted to be the first country that will use this kind of technology so that they can dominate the market, monitor its people and probably to defeat the US in economic war.

peter0425

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for sure theres a hidden agenda on this,either china will use the said amount to make their own blockchain that may effect the lowering of crypto prices if happens,or they are looking for something productive inside crypto market,but either way?i am sure the impact in crypto market will not be Good as many expecting,IMO

Reid

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As I thought, there will be another news about them.
This will keep going on.

First, the blockchain news by the President.
Then, it was followed by the news of lifting the ban for mining.
Now this. There might be more the next day or a week.
They might really be finished with whatever research they have done or, there could be a beta test on going.

Eclipse26

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I have no issue with it since it's not my country and China aims to adopt blockchain which is good for us. China is a rich country so I guess they're capable enough to spend such amount of money for something they want to develop... For me Blockchain Technology is worth spending and investing on. It's for the future afterall and they're the one who will benefit from it. And when they have successfully adopt blockchain, it will cause a good impact on the price of bitcoin just like what happened recently

Shenzou

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We have to keep in mind that blockchain technology doesn't necessarily mean crypto, it is a system of its own that could be implemented into any domain that is based on relations between tow individuals or more, which includes services, financials and many more, although China has stated in many occasions that they are and they will be working on creating their own cryptocurrency since it has become a very popular and a raising filed that has a high potential, i still think that they are more invested in the blockchain as a system for other things rather than just sticking to crypto.

Herbert2020

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Quote from: the rise on November 13, 2019, 06:56:01 AM

I am very curious about in which sector this budget will be used, whether only in the middle socioeconomic (startup) or directly to the larger sectors such as banking, health, and the military. This will greatly affect the implementation of the blockchain itself. It is very true that if they really fight for patents, I am only interested in continuing to monitor whether their outreach to the macro-national sector or not.

most of the sectors you named won't even go well with blockchain technology because their needs don't match what the technology offers. the only possible thing remaining is the banking sector and based on what i have heard and also based on what we have seen from other countries such as Venezuela there is a good chance that the funds is going to be spent in banking sector and in creating a centralized government owned coin.

the rise

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I am very curious about in which sector this budget will be used, whether only in the middle socioeconomic (startup) or directly to the larger sectors such as banking, health, and the military. This will greatly affect the implementation of the blockchain itself. It is very true that if they really fight for patents, I am only interested in continuing to monitor whether their outreach to the macro-national sector or not.

perfect999

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China likes to dominate, and I am sure that they will be spending that four years to design a cryptocurrency that they might want to use in dominating the market by studying the behavior of every existing cryptocurrency, looking at their weakness and how to build theirs on the weakness of those cryptocurrency and I think that it is a perfect thing that china is no longer amongst the list of countries that were initially antagonizing the blockchain Technology, and at least by that 4 years, I know that the market is going to bubble again.

The only disadvantage I may like to speak of their coin is that they will be creating a centralized coin, which may make people to withdraw from its usage and till giving bitcoin the more upper hand that the coin.

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Quote from: Eugenar on November 12, 2019, 05:30:48 AM

It would be good if they will not wait for 4 years, because spending 2 billion dollars in blockchain is a big amount to consider, and time is a precious entity we have for development. Let's think about it, if they will wait that long, innovation that they might discover or create if they will invest now will not be achievable. If they already have the resources, they should utilize it and become the leader in blockchain technology.

The article said it was planned, why would you rush things like that? Considering the situation of their economic status, everything should be carefully planned because if you rash things without planning do you think you have the time to turn back if things go wrong?

It is good to know that their leader is backing up the blockchain technology for their future investment but sadly they don't support bitcoin. But anyway, they do support other altcoins too as i think they saw the potential of it to spread the use of it on their people.

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Quote from: dothebeats on November 11, 2019, 08:35:19 PM

I’m still keen to know how would China oversee anything and how would they be able to facilitate and use the $2B investment on the said aspect of technology.

It's a huge amount for a country to spend that amount on a new technology that they use to ban, with that amount they will have in command on everything related to their project, they can do massive marketing employ the best people and even pirate people from the other projects, we are only thinking of it's potential when it finally launches, we will see it's greater impact in the market and global as well.

blckhawk

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I don't think it would have any significant effect, and maybe rather worse. Considerinh the amount of mining nodes located in China (Bitcoin) and its population that is also a factor to consider in current market numbers, Chinese people, when they become attracted to China's own cryptocurrency, might consider to switch. Having known that Chinese Government has stated that their cryptocurrency would be backed by their gold reserve, people may shift and demand for Bitcoin and other altcoin might be affected, or also possibly not.

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Quote from: cheezcarls on November 11, 2019, 05:00:18 AM

What would be your thoughts about China spending $2 billion on blockchain in 4 years from now?

China is a country that does not want to be behind other countries in the economic and military domain, but while China wants to grow very economically and surpass all countries in the world, they do not want a democracy that all countries in the world have. things like press freedoms and every person's right to be free is something the Chinese government doesn't want.

Chinese government is more likely to use the blockchain to control its people

Quote from: cheezcarls on November 11, 2019, 05:00:18 AM

What would be the possible effect in the cryptocurrency market?

The Chinese government has an interest in blockchain, they have no interest in bitcoin, this is because many countries have not yet legalized bitcoin either.

Eugenar

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It would be good if they will not wait for 4 years, because spending 2 billion dollars in blockchain is a big amount to consider, and time is a precious entity we have for development. Let's think about it, if they will wait that long, innovation that they might discover or create if they will invest now will not be achievable. If they already have the resources, they should utilize it and become the leader in blockchain technology.

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I can't wait for the development, China I think will dominate and they have foreseen this to happen since their economy is one of the biggest among the countries in the world. We may see the cross chain system or atomic swapping besides the ones we used these days which will help us trade economically with the money of the governments which is like the chinesecoin, people's digital currency like BTC and other decentralize coins and then there is the institution's cryptocurrencies like the JPmorgan coin and facebook's libra. These are the kinds of coins that will battle in the future.

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Quote from: Youghoor on November 12, 2019, 01:54:40 AM

For my analysis, there are two sides of this statement "China Looking to Spend $2 Billion on Blockchain by 2023" . I think China is very interested in the blockchain technology rather than cryptocurrency or Bitcoin. This might not really have any significant impact on cryptocurrency and bitcoin. I think China is looking forward to use blockchain technology in a different way rather than a platform for cryptocurrency or Bitcoin.

We never know what inside this leader's mind though he's open for blockchain system and he wanted to maximize the full advantage of this system we can't remove the fact that crypto is inside blockchain and is all about money and power. China being well known about it's desired to make more impact inside the world economy can also use this system to the extent of using also crypto currency.

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Quote from: cheezcarls on November 11, 2019, 05:00:18 AM

What would be your thoughts about China spending $2 billion on blockchain in 4 years from now? What would be the possible effect in the cryptocurrency market?

the Chinese government they are always developing any technology in their country as we have seen lately they collaborate with blockchain technology with the aim of creating their own digital currency that runs on the blockchain system, even though in China blockchain technology has been formalized but we cannot say it will very influential in raising the price of the crypto market because so far no one really knows about the market trading volume in the country.

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