Blockchain not Crypto: Chinese State Media Outlets Touts Decentralized Technology Utility | BTCMANAGER
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Whilst Europe and the United States continue to show reticence about crypto and blockchain technology, China appears to be going full steam ahead with many state actors talking up the potentials inherent in decentralized technology. Chinese state media People’s Daily is the latest to highlight the benefits of blockchain technology to the country as a whole.
China Has a Good Blockchain Foundation
According to a tweet posted by Primitive co-founder and Chinese crypto industry insider, Dovey Wan, People’s Daily, a state media outlet has published a featured article extolling the benefits of blockchain technology.
People’s Daily (CCP’s official media outlet) just published another featured commentary as “Blockchain, a breaking point for China to overtake”
Highlighted part really worths extra read here (attached auto translation) pic.twitter.com/y7p3p5vjxC
— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) November 4, 2019
A translation of portions of the article provided by Wan shows the media outlet describing blockchain as the future. According to the article, “there is no wrong direction for the development of blockchain.”
The article argued for a more structured approach to the development of useful blockchain applications as a way for China to dominate the developing digital economy. The post also highlighted the involvement of numerous Chinese firms in the industry.
For the People’s Daily, the blockchain space still in its infancy requires robust monitoring and government oversight to prevent its use in illegal activities like money laundering.