China has been very ambitious lately in an effort to dominate the global blockchain technology space. Realizing the need to be at the forefront of technical innovations to remain a superpower, the country has seen significant developments recently, especially after President Xi Jinping’s endorsement of the technology.
In a reflection of how important blockchain is emerging in the country, one of China’s media outlets, People’s Daily, has published a featured commentary titled “Blockchain, a breaking point for China to overtake.” While it is unusual to find a mainstream article on blockchain in China, what’s interesting about this commentary is that while it recognized the need to embrace blockchain tech, it also said that “it must also be rational.”
What is also interesting to note is the identity of the media outlet which published the article. The People’s Daily is the official newspaper of the Central Committee of the Communist Party of China [CCP]. In other words, the media outlet is the mouthpiece of the government and the Communist Party of China.
The translated version also mentioned cryptocurrency and read,
“At the same time, we must also see that the blockchain is still in the early stage of development, and needs to be further developed and improved in terms of safety, standards and supervision. For the use of blockchain storage, dissemination of illegal and illegal information, the use of blockchain for illegal transactions, money laundering, etc., should also be severely rectified.”
The article also claimed that China has a “good foundation” for blockchain tech, with more than 20 provinces having already introduced policies to implement the same. It added,
“Perhaps the blockchain is not just the next generation of Internet technology,