China has no intention of Embracing Any Public Blockchain: r...
Cryptocurrency, News

China has no intention of Embracing Any Public Blockchain: report

According to the investigative report released by CCTV (A channel owned by the government of China), the citizens of China need to be cautious concerning investment in “unregulated securities.” The report was released on November 18. It lauded blockchain but maintained some negative sentiment for cryptocurrency. The report called them a financial fraud as well as an illicit Ponzi scheme. This was revealed from the translations provided by Dovey Wan via Twitter.

The government of China was in the news in recent times as regards blockchain and cryptocurrency. The president of China talked about blockchain technology in October, thereby influencing the market as the price of BTC crossed 10,000 USD. Likewise in October, the leading party known as China’s People’s Party (CPP) talked about its plans to start integrating blockchain for government agencies in support of the president’s encouragement.

According to the tweets provided by Dovey, it highlights the major points of the investigative report. The major pillar of the report is “blockchain not crypto”. The shortcomings of cryptos were mentioned in the report but did not aim at a specific cryptocurrency.

The government of China maintains the likelihood of launching a digital currency as well as the integration of blockchain technology into its systems. Nevertheless, in recent times, the government removed Bitcoin mining from what to forbid. The government seems to accept blockchain technology but deny cryptocurrency.

Featured image courtesy of Shutterstock.

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Born, raised and schooled in Sweden with a degree in law, Glenn is a long time crypto enthusiast. He quickly acknowledged the potential of the blockchain technology, and the benefits of decentralization. Glenn believes in a future where blockchain technology and decentralization will govern and enable people to have a transparent security and financial system.

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