There’s been a resurgence of blockchain discussion this year, especially after China’s President Xi Jinping lauded blockchain and told Chinese citizens the country needs to accelerate distributed ledger technology development. Despite the lack of producing anything worthwhile, for some odd reason mainstream pundits believe government-endorsed blockchains will destroy legacy cryptocurrencies.
‘The Future of Digital Money Being Shaped by National Governments’ Is a Lie
It sure seems like 2015 again, as the mainstream media continues to promote blockchain technology that’s backed by large corporations and governments. Well before digital currency projects like Facebook’s Libra and Telegram’s Gram have even launched, corporate media outlets claim these projects will annihilate assets like BTC and ETH. It seems people who believe this absurdity think that just because a blockchain project is backed by Facebook, has a development team and produced a whitepaper it will be better than a network that’s been running for more than a decade. Commentators and columnists include Bloomberg’s Lionel Laurent who recently wrote that “the future of digital money is being shaped increasingly by national governments.” However, this is not even close to being a reality as a great majority of governments and central banks still don’t understand the technology to this day.
Telegram and Facebook have yet to prove anything with the blockchain projects they are working on, yet mainstream media says these protocols will destroy legacy cryptos.
There are a few governments and central banks that have said publicly that they plan to experiment with a digital currency that represents legal tender. But there’s really only one nation-state so far that has completed this mission and Venezuela’s petro is more like an awful joke.