Why China hates Crypto Currencies but loves their Technology
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It’s almost reaching a point where even mentioning the word ‘crypto’ is a crime in China. This is due to a massive crackdown on anything cryptocurrency in the country. Interestingly, China hates cryptocurrencies but loves their technology. The blockchain technology which underpins the cryptos is being heavily utilized in China. With the government even investing $1.6 billion into the technology.
While speaking to technodes, Danny Deng, who led the China Blockchain Delegation to the World Economic Forum, explains why the Chinese government hates the virtual coins but at the same time welcomes the blockchain technology.
According to him,
“The Chinese government is still learning, they do not want to miss any chance to give up the country, but they also fear that new technology may have a heavy impact to the society which the society cannot stand”. He further observed that the government is keen to prevent anything that is bound to change the “whole social structure” as this would bring chaos to the country.
But the technology that underpins the virtual currencies is heavily being developed and utilized in the country. For example, in some parts of the country like southwest China, the authorities are supporting everyone who is developing real-world applications using the blockchain technology but of course minus the crypto bit.
To site a few mega blockchain projects being supported by the Chinese government we have;
The Blockchain Registry Open Platform – a project by the Peoples’ Bank of China (PBoC) which is being brought to life by the Zhongchao Blockchain Research Institute.
The Ministry of Industry and Information Technology is developing an ID authentication and governing models. Last year, China saw the highest number of blockchain patents being filed.
Danny also noted that,
“We all know that blockchain is developing so fast so a company might look quite young but might grow big enough to give a big impact to the country, even to the whole world”
Whether the reasons why China hates cryptocurrencies but loves their technology will one day cease to exist, only time will tell.
With the position that China has taken on the blockchain, do you think they will massively use the blockchain technology more than any other country in the world even without the cryptos?