I was thinking this is a big turn over but basically they just want to create their own currency or something similar by adopting blockchain as soon as possible, and probably they will use the decentralized word in order to save their centralized products.
This is done of course to avoid their citizen from using Bitcoin. Could be a good news while actually a bad news for long-term.
Topic: China’s President Xi Urges Accelerated Blockchain Technology Adoption - page 5. (Read 586 times)
October 25, 2019, 02:53:16 PM
October 25, 2019, 12:08:03 PM
China is in a hurry to kill or disable Bitcoin in its country. Chinese Pres Xi, thinks that if China create a new national currency, his citizen will probably forget about Bitcoin and patronize their own cryptocurrency. In line with that, they are also adopting the blockchain technology so that people won't be suspicious about their plan of shutting down BTC in its domain.
October 25, 2019, 11:34:49 AM
This rush transformed the blockchain adopting tech into China vs USA as both countries are hurrying up to have the best tech and also China is building its own cryptocurrency and USA barely makes moves towards Libra to regulate it. Lets see how this adoption will go on both sides but in my opinion China has a superior advantage when it comes to Blockchain and devs around it. Also China president its pro against cryptos when Trump barely speaks about them and when he does he says things against bitcoin ....
October 25, 2019, 11:26:42 AM
Mark must have meant that china will soon take over being a leader once we don't innovate like the Chinese did. There has to be really something to make the adoption to be accelerated and facebook could be the right tool to spread the word for it but since the regulation has killed it already, we might just be seeing China to be the first. I have to really admire the strategy they are doing here.
October 25, 2019, 10:43:46 AM
That is one unique thing that I have always read about blockchain, generally speaking everyone irrespective of your believe or political system agrees that blockchain is the technology of the future. Although, the President might not know how it works because largely he might not be technology inclined but his people would have showed this to me. However, this should not be interpreted to mean as an endorsement for bitcoin and other crypto using the blockchain technology because doing that would be farther away from the truth however, there is a bonus there that in as much as there is a loud support for blockchain, there is a subtle support for bitcoin and other crypto whether they want to admit it or not.
October 25, 2019, 10:36:42 AM
Blockchain could really transform the way government officials work under the administration. Blockchain follows principles such as transparency, and security through blocks hash. However, it's seems that China is not going to tolerate decentralized system, instead they're making their own "digital currency" that would still be monitored, but at least transparent provided that the ledger is distributed and not hidden centralized. Corrupt acts would potentially lessen and therefore makes progress faster for the country.
October 25, 2019, 10:07:22 AM
Quote
China’s President Xi Jinping has called for the country to accelerate its adoption of blockchain technologies as a core for innovation. Xi made the comments at a Politburo Committee session on blockchain technology trends on Oct. 24.
Blockchain adoption promotes innovation
Xi stressed that the implementation of integrated blockchain technologies is key in promoting technological innovation and transforming industries. He told the committee:
Blockchain, not Bitcoin
Xi’s push for greater blockchain adoption comes against the backdrop of China’s long-standing aversion to — and a crackdown on — cryptocurrencies. Authorities in the country first banned ICOs in 2017, quickly followed by cryptocurrency exchanges.
There have even been reports that at least one government agency is considering a ban on cryptocurrency mining.
Digital currency arms race
Unsurprisingly, the one cryptocurrency that the Chinese government doesn’t seem to have an issue with is its proposed central bank digital currency (CBDC). Despite reports throughout the summer that the launch of this was imminent, officials from China’s Central Bank last month said that there was no timetable for the launch of the CBDC.
Meanwhile, Facebook’s Mark Zuckerberg has been referencing the threat of Chinese superiority in the digital currency space in an attempt to sell U.S. lawmakers his plans for the Libra stablecoin.
"China is moving quickly to launch a similar idea in the coming months. We can't sit here and assume that because America is today the leader that it will always get to be the leader if we don't innovate,” he argued in an official statement.
Blockchain adoption promotes innovation
Xi stressed that the implementation of integrated blockchain technologies is key in promoting technological innovation and transforming industries. He told the committee:
Quote
“We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation.”
Blockchain, not Bitcoin
Xi’s push for greater blockchain adoption comes against the backdrop of China’s long-standing aversion to — and a crackdown on — cryptocurrencies. Authorities in the country first banned ICOs in 2017, quickly followed by cryptocurrency exchanges.
There have even been reports that at least one government agency is considering a ban on cryptocurrency mining.
Digital currency arms race
Unsurprisingly, the one cryptocurrency that the Chinese government doesn’t seem to have an issue with is its proposed central bank digital currency (CBDC). Despite reports throughout the summer that the launch of this was imminent, officials from China’s Central Bank last month said that there was no timetable for the launch of the CBDC.
Meanwhile, Facebook’s Mark Zuckerberg has been referencing the threat of Chinese superiority in the digital currency space in an attempt to sell U.S. lawmakers his plans for the Libra stablecoin.
"China is moving quickly to launch a similar idea in the coming months. We can't sit here and assume that because America is today the leader that it will always get to be the leader if we don't innovate,” he argued in an official statement.
Source
Blockchain technology is undoubtedly the real deal in some countries despite their crackdown on cryptocurrencies, They really can't deny their fascination for this kind of innovation. In your opinion do you think blockchain can transform Governments?
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