i can see why the "blockchain-not-bitcoin" idiots went wrong. there is only one blockchain that has a valid use case and that is an invention: bitcoin.
to see an entire high-tech nation, and not a marginal one, to fall for this stupidity is hard to believe. the only explanation i have ( and i am no expert in this field) is that TRUST is such a big issue for china, since there is this culture of cheating and now they hope that "blockchain" will somehow make it easier for them to trust companies (for example).
i dont see "blockchain" working. it is out for a decade now, where are the applications? other than money/bitcoin?
if they really go all-in to "blockchain" with their entire economy it will end as a catastrophic failure like the Great Leap Forward.
to see an entire high-tech nation, and not a marginal one, to fall for this stupidity is hard to believe. the only explanation i have ( and i am no expert in this field) is that TRUST is such a big issue for china, since there is this culture of cheating and now they hope that "blockchain" will somehow make it easier for them to trust companies (for example).
i dont see "blockchain" working. it is out for a decade now, where are the applications? other than money/bitcoin?
if they really go all-in to "blockchain" with their entire economy it will end as a catastrophic failure like the Great Leap Forward.
That's because if they abruptly approve of bitcoin, other idiotic nations will call China, the funding nation for criminals. I think it's good they have reversed their earlier stance and have recognised blockchain. Once everyone gets involved into blockchain, it's only a matter of time they recognise Bitcoin.
I don't necessarily follow your assumptions there. China doesn't have to recognize BTC ever (though I think they eventually will). They can establish their own mandatory digital currency with a state centralized blockchain and any Chinese citizen who uses something else they'll charge with "provoking trouble".
https://www.nytimes.com/2019/10/24/world/asia/china-metoo-hong-kong-protests.html
Quote
The activist, Huang Xueqin, was detained last week in the southern city of Guangzhou, according to friends who asked not to be identified by name. The authorities accused Ms. Huang, 31, of “picking quarrels and provoking trouble,” a vague accusation that the government often uses to silence activists who challenge the status quo.
I am not saying that China will definitely recognise Bitcoin. But there is a possibility right ? That's what I'm happy about.
Edit: Check LuckMcFly's post on Chinese bank investing on bitcoin wallet - https://bitcointalksearch.org/topic/m.52907277
So, I guess the Chinese government might recognize Bitcoin sometime in the future. So does the other governments.
. I'll see if I can get some crayons to doodle something simple. I'll bring a couple extra for you to chew on too 
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