Is There A New ”Mythologizing” Blockchain In China?

Is There A New ”Mythologizing” Blockchain In China?

C-Buzz
Jul 10, 2018 by Mitchell Lee
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BTC Wires: The 5th Fintech Bund Summit recently took place in Shanghai on July 8. Few very interesting statements were made in the Summit by Fan Wenzhong, head of the international department of the China Banking and Insurance Regulatory Commission. According to local news source South China Morning Post, Wenzhong has warned people against “mythologizing”
Mythologizing_the_phenomenon_of_Blockchain

BTC Wires: The 5th Fintech Bund Summit recently took place in Shanghai on July 8. Few very interesting statements were made in the Summit by Fan Wenzhong, head of the international department of the China Banking and Insurance Regulatory Commission.

According to local news source South China Morning Post, Wenzhong has warned people against “mythologizing” blockchain technology. He further clarified that blockchain is “an innovation with significant meaning,” it is disfavorable to “mythologize” the technology.

Fan claimed that the idea of multi-entry bookkeeping is not a novel idea, explaining that “decentralization is not a new trend but a loop, because the earliest human transactions were without central authorities.”

His remarks were in tandem with China’s severe stance on crypto. He said that “Blockchain is a useful innovation but that doesn’t mean cryptocurrencies, which blockchain has given rise to, are necessarily useful.” He also issued a warning against illegal initial coin offerings (ICOs) posing as “blockchain projects.”

Last year, China came down hard on ICOs and crypto exchanges and tried to get them to leave the country. However, large numbers of crypto projects are still functioning under the disguise of working on “blockchain technology” rather than “cryptocurrency”.

China’s harsh stance against cryptos can be judged by the fact that there is a ban on 110 crypto exchanges in China. According to a Chinese government analysis, the average lifespan of a blockchain project is just over 1 year and only 8% of blockchain projects are still alive today. Despite this, blockchain is widely appreciated in China.

China’s president Xi Jinping praised blockchain, calling it “part of technological revolution”. Xi said: “Since the 21st century began, global scientific and technological innovation has entered an unprecedented period of intensive activity. A new round of scientific and technological revolutions and industrial changes is reconstructing the global innovation map and reshaping the global economic structure.”

 

 

Mitchell Lee is a spirited cryptocurrency enthusiast who believes in the infinite potential of the blockchain and its upcoming causal effects. He implements his knowledge in this ambit and scoops out fascinating pieces of news, keeping our audience updated with the latest ongoing of the ecosystem. With his exquisite penmanship, he has been successful in harbouring an audience on our website. In his free time, Clark likes to wrote futuristic poetry and listens to Beethoven.

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