The Chinese government views cryptocurrency as a serious systemic financial risk and has taken strong measures to minimize its usage in the world’s second largest economy. Though China retains a thriving underground crypto ecosystem, Beijing’s different bans on digital assets ensure that the average Chinese citizen will not be exposed to them.
That said, Beijing has not expressed any opposition to blockchain/DLT technology; on the contrary, the Chinese government believes that it can use blockchain for a wide variety of applications, from trade finance to improving supply chain safety. Local governments in China, taking a cue from the central government, have been busily rolling out every manner of blockchain project – some valid, some not – in a bid to qualify for related funding and boost economic output.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.