Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Paglamon on April 22, 2020, 03:35:08 PM
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An influential government authority responsible for planning China's economy has said blockchain will form an integral part of the country's data and technology infrastructure.
The National Development and Reform Commission (NDRC) told reporters Monday blockchain will join other emerging technologies such as cloud computing, artificial intelligence (AI) and the internet of things (IoT) in underpinning the systems China uses to manage the flow of information in the coming years.
Originally the State Planning Commission, the NDRC is a cabinet-level department that draws up policies and strategies for the direction of the Chinese economy. It has a wide brief that covers everything from investments into public transport to running anti-monopoly probes as well as overseeing corporate debt issuance.
On how new technologies, including blockchain, would be integrated, high-tech director Wu Hao said the NDRC would "work with relevant departments to study and issue relevant guidance to promote the development of new infrastructure [and] revise and improve the access rules that are conducive to the sustainable and healthy development of emerging industries."
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I did not even doubt such a decision. This became especially evident when the chairman of the ruling party in China called for the introduction of this blockchain technology as advanced and revolutionary. And even before that, China occupied the first places in the number of patents granted using blockchain technology. In addition, China’s current economic strength is largely based on the borrowing of new technologies, in many cases not even quite legally.
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This has been going on for a long time, even as China has repeatedly banned many ICO projects in its territory. We can see the strong growth of Binance, the large scale of mining industry in China - this is impossible to achieve if the Chinese authorities really handle it thoroughly. China has studied Blockchain, making it an important part of the yuan's CDBC launch strategy.
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China realized that Blockchain will be an important part in the future business. So, they have already prepared to optimize it from now. I am pretty sure that they have planned something by using the Blockchain technology. Maybe something to use to dominate world's economy or military force sector.
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Maybe China finds the Blockchain technology useful to them thats why they consider it including Blockchain potentials. By the way, China Central Bank (CCB) announces it last year 2019 that they are planning to build a digital currency base on Yuan with the use of Blockchain technology, so I think it was the obvious reason why China is already interested to use the technology for their use.
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Maybe China finds the Blockchain technology useful to them thats why they consider it including Blockchain potentials. By the way, China Central Bank (CCB) announces it last year 2019 that they are planning to build a digital currency base on Yuan with the use of Blockchain technology, so I think it was the obvious reason why China is already interested to use the technology for their use.
I just read an article, that most Chinese banks are ready to adopt blockchain technology. Perhaps a new stable coin will be released soon & pegged to the price of the Chinese yuan :)
Just need to wait for it, and hope it can make crypto world better!
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This is a true blockchain ideology and adoption at its peak.
If other countries proceed and follow suit; then we are going to have a mass adoption right after the halving.
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What do you think about the impact of cryptocurrency development and dissemination in China? Positive or negative? CDBC and other Chinese tokens will help the crypto world to grow or make it be chaotic?
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The country chooses a difficult path for itself in its development. The first is always difficult and difficult. And it may not necessarily be the right choice. Nevertheless, it will certainly have a beneficial effect on the development of blockchain technologies.
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We all know China is a huge country with financial and business supremacy it is bound to go big towards digital and crypto future so just expect huge boost in crypto market as well in coming months.
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It is a great progress that many more countries believe in the blockchain technology. China has taken a good decision by making that system. However, how far the technology will be utilized? Other countries may be following this decision, accepting and utilizing blockchain technology.
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China has also adopted blockchain in the construction of the Xiongan New Region - from the remote plains in the northern province of Hebei, Xiongan is now Xi Jinping's dream city. According to the Xiongan Group website, blockchain is "an important infrastructure for the region".
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The Chinese economy has grown and strengthened precisely thanks to the introduction of various advanced technologies and even a not entirely honest way of copying the best types of goods from other countries. However, advanced technology has always been the driving force behind this country's progress. The Chinese government very quickly grasped the prospect of blockchain technology and supported it as much as possible for its implementation and development in its economy since its inception.
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This has been going on for a long time, even as China has repeatedly banned many ICO projects in its territory. We can see the strong growth of Binance, the large scale of mining industry in China - this is impossible to achieve if the Chinese authorities really handle it thoroughly. China has studied Blockchain, making it an important part of the yuan's CDBC launch strategy.
It looks like the introduction of blockchain technology in China has become part of their government development program for the country. But what's really interesting is that their digitized yuan is said to be not based on blockchain technology. China is planning to officially launch its stablecoin at the opening of the Olympics in February. We still have insufficient information about their digitized yuan and it is very interesting how the population of the country will perceive it.
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What do you think about the impact of cryptocurrency development and dissemination in China? Positive or negative? CDBC and other Chinese tokens will help the crypto world to grow or make it be chaotic?
After the Chinese Government's action to ban the proliferation of cryptocurrencies in China, It becomes clear now what China is up to? they want a total domination of digital currency and use Blockchain as a Tool for edging its rival the United States and it's not good for the crypto community.
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China is indeed a developed country that always follows the development of increasingly sophisticated and modern technology. Blockchain does provide a lot of convenience in doing work, it is faster, safer and cheaper. Therefore now China is using this technology, to continuously improve their economy. And I think this will be followed by other large and developed countries in the World.
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This has been going on for a long time, even as China has repeatedly banned many ICO projects in its territory. We can see the strong growth of Binance, the large scale of mining industry in China - this is impossible to achieve if the Chinese authorities really handle it thoroughly. China has studied Blockchain, making it an important part of the yuan's CDBC launch strategy.
It looks like the introduction of blockchain technology in China has become part of their government development program for the country. But what's really interesting is that their digitized yuan is said to be not based on blockchain technology. China is planning to officially launch its stablecoin at the opening of the Olympics in February. We still have insufficient information about their digitized yuan and it is very interesting how the population of the country will perceive it.
The introduction of digital yuan in China can be considered as the biggest experiment of a CBDC and its success can be copied by many other countries...or its eventual failure can be a big lesson to all. However, knowing how good are the Chinese in almost all aspects of anything, am sure the government will be doing all it can so there can be a massive adoption of this new form of money by the masses. This is one big reason why China made the big ban on any form and type of digital currencies because they don't want unnecessary competition. While China is a big fan of the blockchain technology, it hates cryptocurrency so much and will never allow any coin/token to be on its way.
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The introduction of digital yuan in China can be considered as the biggest experiment of a CBDC and its success can be copied by many other countries...or its eventual failure can be a big lesson to all. However, knowing how good are the Chinese in almost all aspects of anything, am sure the government will be doing all it can so there can be a massive adoption of this new form of money by the masses. This is one big reason why China made the big ban on any form and type of digital currencies because they don't want unnecessary competition. While China is a big fan of the blockchain technology, it hates cryptocurrency so much and will never allow any coin/token to be on its way.
I agree that in China, the introduction of blockchain technology has even become one of the state programs after the top political leadership of the country called for the introduction of this technology. Therefore, for the issuance of patents for inventions using blockchain technology, China took first place some time ago. True, a slightly incomprehensible story came out of the release of the digitized yuan. Earlier they wrote that the digitized yuan does not use blockchain technology. Although the digitized yuan was launched back in February, there is currently very little information about how effectively it works.