Chinese media outlet praises blockchain:
“financial difficulties, public welfare, supervision, counterfeiting and many other areas of pain and difficulty”.
This is where China’s biggest newspaper, The Peoples Daily, thinks distributed ledger platforms can change the lives of Chinese citizens and their international readership of 3 million. The Communist party’s official outlet published a feature article pointing out the “highly ingenious” technology, going so far as to describe blockchain as the new internet. The paper also stated that the Chinese government would do more to promote the widespread use of blockchain technology.
But don’t get it twisted though, the article made a point of separating the technology from cryptocurrencies without directly criticizing them. The piece instead pointed out that Bitcoin’s underlying technology has a vast array of applications.
According to the Communist party’s propaganda vehicle, ICO’s are the devil. By this I mean, the Chinese state believes that most coin offerings are doing nothing more than “fishing for capital”, taking good investment and putting it in bad hands. Well, there is some truth to their sentiment. A number of crypto start-ups are suspected of being fraudulent, while others have already fleeced unsuspecting investors.
From what it looks like from the outside looking in, China’s main problem with fully decentralized currency is the inability to control their development. This idea rides on the back of reports last year, that suggested, China wants to introduce a decentralized digital currency of their own.
With that in the bag, it is not likely that cryptocurrencies like Bitcoin and Ethereum will make a comeback. The Chinese government is willing to embrace technology, that’s a good position for the spread out ledger. If a state that was once seen as a detractor goes in head first, hoping the rest will follow is not too naive an idea is it?