China’s President Xi Urges Accelerated Blockchain Technology Adoption

[Mometaskers]

China is peoples republic. Ruled by its citizens. It is not a dictatorship.

Erm, try running for president out of the blue and see how many body parts you finish up with. Anywhere calling itself 'Peoples' or 'Democratic' is a surefire giveaway that they're anything but.

Democratic People's Republic of Korea. Double whammy!

There is good and bad qualities for blockchain, the Chinese government is planning to take the blockchain aspect to implement a centralized currency so that each and every transactions made by its users can be monitored and i am sure they will have all the wallet details and you need to provide your KYC to get a wallet  . If it is used in a decentralized set up it can be anonymous but if blockchain is used in centralized set up all the transactions can be verified and followed by the government.

I wouldn't be surprised if one of the first uses would be for their social credit score. Making Nosedive even closer to reality.

They've seen what blockchains Bitcoin can be used for so there's no doubt they are both inspired and threatened. If blockchain is the future, then better start investing research into it now. Obsolete yourself.

[hatshepsut93]

I still don't understand how china of all places could be supportive of blockchain.

Blockchain is a technology (that we use mainly on money but could probably used for something else) that decentralized the power and considering China is a nation that is ruled by dictatorship and gangrapes prisoners and harvest their organs and burn alive the opposers of the regime and all the crazy horribly bad Hitler level and even worse stuff they do, they can't deal with blockchain.

What is the purpose of giving the power back to people if you are running a fully automated human killing and dictator enriching nation? Sure, you can use it just for yourself and your part and ban it for the people who you despise (lets be honest Xİ hates Chinese, why would he act like to them if he liked them) but that doesn't seem to be the reason for it.

The word "blockchain" doesn't mean anything specific these days, ever since the hype started, people started attributing some magical properties to it, like saying that it's more secure, unhackable, faster and cheaper, that it's automatically decentralized and so on. It piqued interest of many centralized organizations, including governments, and now they think that since blockchain is such an awesome technology that can do anything, then it surely can make them even more powerful.

So, China's blockchain will be just a database with some cryptography, that's in case it will actually go live and not be quietly abandoned if they realize that it's not working very well.

[smyslov]

China will always find a way to be on top of everything, they've mentioned that they have been looking at this technology for the past several years, quite surprising considering that they restrict Bitcoin, I guess what trigger the adoption, is Facebook's announcement of Libra coin, which will accelerated Facebook dominance in the e-commerce and they don't to be the one late in doing this.

[alyssa85]

I dont know where you learned this but is very wrong. China is peoples republic. Ruled by its citizens. It is not a dictatorship. How much capital have influence on government I have no ideas. But for sure much less then in most other countries.

China is not only a dictatorship, but it is going BACKWARDS. Prior to 2012, at least the President changed every ten years, as mandated by the Senior Communist Party Politburo.

Now Xi Jingping is president for life and anyone who criticises him ends up in a concentration camp. The repression is having an effect on China's economy - people are too scared to take risks and don't know what will land them in trouble, so they're keeping their heads down. That's fine for surviving in a dictatorship, but not great for promoting progress and growth.

[Kambal2000]

I dont know where you learned this but is very wrong. China is peoples republic. Ruled by its citizens. It is not a dictatorship. How much capital have influence on government I have no ideas. But for sure much less then in most other countries.

China is not only a dictatorship, but it is going BACKWARDS. Prior to 2012, at least the President changed every ten years, as mandated by the Senior Communist Party Politburo.

Now Xi Jingping is president for life and anyone who criticises him ends up in a concentration camp. The repression is having an effect on China's economy - people are too scared to take risks and don't know what will land them in trouble, so they're keeping their heads down. That's fine for surviving in a dictatorship, but not great for promoting progress and growth.

Well, that is his way of being a leader, he maybe a dictatorship but look at the way of living in China now, look how successful they are compare to a democratic country wherein the corruption is everywhere and the government officials are the ones who are making a lot of money.

For China to have their own blockchain development, it's not a surprise anymore, it is already anticipated that they are doing something different, and broader as they wanted to compete with Bitcoin someday.

[reality18]

Asia is the top leading cryptocurrency market because it has got powerful leaders with insights in the Blockchain technology and cryptocurrency. It is became more apparent when the Chinese President Xi Jinping announced his interest in the Blockchain technology and cryptocurrency. In fact, putting such words into implementation can bring BTC to its ATH high and even beyond again.