Skip to content

Blockchain News Feed

All the latest news on Blockchain & Cryptocurrencies

Menu
  • Home
  • News
  • Exchanges
  • Market Analysis
  • YouTube
  • Brave Browser
Menu

China at Risk of Losing out on Bitcoin Revolution, Says State-owned Newspaper

Posted on juni 4, 2018 by Blockchain News

Around the world, cryptocurrencies are fast threading along a relatively positive path towards acceptance, as governments and regulators are testing, deploying, and evaluating the integration of blockchain and cryptocurrency into their existing economic systems.

Country’s Redundant Crypto Laws

As per as a report by state-owned Global Times, considerate Chinese cryptocurrency regulations are much needed, as they make “more sense” than outright banning the cryptographic form of money.

The world’s second-largest economy placed a blanket ban on cryptocurrencies in September 2017, igniting a massive sell-off in the cryptocurrency market presumably from Chinese investors. However, it is increasingly believed that a fundamental approach towards the technology will be the ultimate solution, eliminating the fear of putting the existing financial system in jeopardy.

As stated in the report, unconfirmed rumors started circulating in China after several central bank executives visited the former offices of Huobi, the world’s second largest cryptocurrency exchange by traded volume, in an effort to learn about the technology and possibly relaunch cryptocurrency businesses. However, Huobi’s CFO Zhu Jiawei dismissed the rumors shortly after.

While China is shunning businesses related to cryptocurrencies, it is creating an optimal environment for blockchain development, setting up a $1.6 billion “blockchain park” in the city of Hangzhou with the purpose of incubating blockchain projects and startups.

Hangzhou

Hangzhou, China. The city is home to a $1.6 billion blockchain park

(Source: Hutong School)

The country undeniably embraces technology, and while cryptocurrencies are an innovative method of peer-to-peer payments, the asset class displays a wildly volatile nature, leading many to label it a “bubble.” From this perspective, it made good sense at the time to clamp down on cryptocurrencies in the country, to ensure the country’s economic stability.

However, Global Times stated that China could be left behind in the “digital currency revolution,” as countries around the world swiftly introduce regulations and reforms on digital assets and related businesses. The report concluded:

“It’s time for China to lay the regulatory groundwork for its rise as a future digital currency trendsetter.”

China’s Blockchain Push

Speaking at the 19th edition of the Chinese Academy of Sciences’ annual conference on May 28, 2018, President Xi said that breakthroughs like blockchain are “constantly coming,” and China remains fully committed to exploring state-run blockchain projects.

Interestingly, the Eastern superpower is reportedly developing and unveiling “National Blockchain Standards” in 2019. Previously in May 2018, China also issued its own ranking of cryptocurrencies, placing smart-contract framework Ethereum at rank one and the pioneer cryptocurrency bitcoin at 13.

Despite openly shunning cryptocurrencies, It must be noted that China is home to the world’s largest bitcoin mining organization, Bitmain, and also owns the highest number of blockchain patents. Xi’s speech explained:

“If China is to flourish and rejuvenate, it must vigorously develop science and technology and strive to become the world’s major scientific center and innovative highland.”

Every new blockchain and cryptocurrency development in China begs the question: what is the country’s ulterior motive with the technology?

The post China at Risk of Losing out on Bitcoin Revolution, Says State-owned Newspaper appeared first on BTCMANAGER.


Source: BTCManager.com
Original Post: China at Risk of Losing out on Bitcoin Revolution, Says State-owned Newspaper

Ledger Nano X - The secure hardware wallet

Recente berichten

  • USDT issuer Tether has up to $1.7B in excess reserves, CTO says
  • Metaverse NFT Trading Hits New High, Crypto Daily TV 24/3/2023
  • Arbitrum airdrop: Hacked vanity addresses used to siphon $500K
  • Bitcoin Reclaims $28K After Enhanced Volatility, Litecoin Up 15% Weekly (Market Watch)
  • Bitcoin toont weerbaarheid, koers terug op 28.000 dollar

Categorieën

  • Altcoin Buzz
  • Altcoin Buzz News
  • AMBcrypto
  • Bitcoin.com
  • Bitcoinist
  • BTC Manager
  • CCN
  • Coin Mastery
  • Coindesk
  • Coinpower News
  • Cointelegraph
  • CryproSlate
  • Crypto Daily
  • Crypto News (.net)
  • Cryptocoin News
  • Cryptocurrency News
  • CryptoDaily.co.uk
  • CryptoPotato
  • CryptosRUs
  • Daily HODL
  • DataDash
  • Ethereum Worldnews
  • Exchanges
  • ICO's
  • Invest in Blockchain
  • Market Analysis
  • News
  • News BTC
  • Newsbit
  • Portfolio
  • Pricecheck
  • Ready Set Crypto
  • The Modern Investor
  • ToshiTimes
  • Use The Bitcoin

Archieven

  • maart 2023
  • februari 2023
  • januari 2023
  • december 2022
  • november 2022
  • oktober 2022
  • september 2022
  • augustus 2022
  • juli 2022
  • juni 2022
  • mei 2022
  • april 2022
  • maart 2022
  • februari 2022
  • januari 2022
  • december 2021
  • november 2021
  • oktober 2021
  • september 2021
  • augustus 2021
  • juli 2021
  • juni 2021
  • mei 2021
  • april 2021
  • maart 2021
  • februari 2021
  • januari 2021
  • december 2020
  • november 2020
  • oktober 2020
  • september 2020
  • augustus 2020
  • juli 2020
  • juni 2020
  • mei 2020
  • april 2020
  • maart 2020
  • februari 2020
  • januari 2020
  • december 2019
  • november 2019
  • oktober 2019
  • september 2019
  • augustus 2019
  • juli 2019
  • juni 2019
  • mei 2019
  • april 2019
  • maart 2019
  • februari 2019
  • januari 2019
  • december 2018
  • november 2018
  • oktober 2018
  • september 2018
  • augustus 2018
  • juli 2018
  • juni 2018
  • mei 2018
  • april 2018
  • maart 2018
  • februari 2018
  • januari 2018
  • december 2017
  • november 2017
  • oktober 2017
  • september 2017
  • maart 2017
  • juni 2016
  • juli 2014
  • september 2013
  • augustus 2013
©2023 Blockchain News Feed | Design: Newspaperly WordPress Theme