Hello! 👋🏻 In this post, we will tell you how China is changing the blockchain industry
🔐 Many cryptocurrency enthusiasts know that the Chinese government has banned Bitcoin transactions in their country. However, this does not prevent the PRC from actively developing blockchain technology and promoting unique solutions.
🔗 For example, to reject paper documents, 140 PRC government services have implemented blockchain. This reduced maintenance costs by 40%.
📖 So, when registering real estate in China, citizens were previously faced with 11 statements. Now, with the help of blockchain, they can avoid unnecessary bureaucracy.
💳 In addition to reducing bureaucratic costs, the PRC plans to release its state cryptocurrency, the digital yuan (CBDC).
📈 This came as a surprise to almost everyone, but testing of the digital yuan is actively underway in the Xiong'an Special Economic Region. During the Olympic Games in Beijing, in 2022, mass implementation is planned
💵 With the help of CBDC, China plans to squeeze the dollar out of the global market, and blockchain technology within the country is used not only to support the performance of its own cryptocurrency but also to simplify bureaucratic operations for citizens.
✅ Thus, despite the ban on transactions with Bitcoin in China, the blockchain and its own digital currency in this country are actively developing, which improves the entire industry, showing everyone that decentralized systems can be used for the benefit of citizens.
🏆 You can use cryptocurrencies and try out decentralized systems today using the DSF platform, which provides a decentralized social network and a convenient e-commerce platform.
📢 Learn more about decentralization and the DSF platform on our website:
https://dsft.io/