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China may be near to launching its own Blockchain and cryptocurrency(s)

Oct 14, 2017 Posted /  21387 Views

China may be near to launching its own Blockchain and cryptocurrency(s)

With the extent of restrictions and regulation the Chinese Government is pouring onto Bitcoin and Cryptocurrency, we are quite certain that the Chinese Government has invested a great deal of time and money into having a fully government controlled Blockchain and Cryptocurrency.

The emergence of Blockchain and cryptocurrency has had major loggerheads with the principal’s economic policies of China. Chinese regulators through its major financial institution PWOC has time and again introduced restrictions which would hinder the development of cryptocurrency in china. This was boldly expressed by the blockage on ICOs the Chinese government levied recently. Given the fact from a known track records of Chinese government pouring enormous amount of money onto issues which most government support and restrict less. Case in point the enormous amount of resources the Chinese government has put on sports majorly football for an ambitious gold to be able to win the world cup by 2050. This move shows that the Chinese government having an intention of owning its own government regulated cryptocurrency is not strange.

Why China could be Building its own Blockchain and Cryptocurrency?

From a normal reasoning Blockchain and cryptocurrencies are breakthroughs in the financial sectors given the possibilities they allow. With a massive government acceptance of these innovations across the world the Chinese government is no exception in realizing the benefits of Blockchain and cryptocurrencies. Thence preventing Blockchain and cryptocurrency in china is not among the Chinese government agendas. But China has its own political and financial policies some of which the public Blockchain and cryptocurrency comes heads on with. This brings the Chinese lawmakers to a decision to have a Blockchain designed and implemented by the government itself.


Why the Chinese regulators are against the common public Blockchain and cryptocurrencies?

The public Blockchain has abilities of running applications which can be useful in a diversified perspective ranging from finance, statistics, housing to scientific research and Military applications. Meanwhile the Blockchain itself does not pose any threat to the Chinese government some of the capabilities of the ecosystem does. For instance, the application of Blockchain in finance specifically cryptocurrency is completely out of phase with the Chinese government financial visions. This can be witnessed by how the Chinese government put restrictions on cryptocurrencies.


Does this mean Chinese population would be excluded from the Public Blockchain?

To many analysts the answer to this question is an absolute know given the level technology and reversed engineering has reached the government is not able to block a service up to a hundred percent. Majority of users can still do P2P transaction on the public Blockchain amidst the government blockage. That’s one reason why the Chinese populace will not be excluded from the public Blockchain. Secondly the government might build a Blockchain with restricted abilities to communicate with the public Blockchain. It’s obvious that Chinese regulators are not 100% against the public Blockchain but rather some abilities of the Blockchain does not abide by the financial policies of the Chinese administration.

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Tags: blockchain bitcoin cryptocurrency Chinaban China Regulations

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