Is a Blockchain Based Future in China Really a Good Thing?

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Crypto markets are still cooling off from a massive bout of FOMO that originated from China last month. The state’s new endorsement of blockchain technology sent a shock wave of excitement throughout the space, as the nation prepares to launch its own sovereign digital currency. But is this move really a good thing for the space? China’s New Drive According to recent reports China has clear ambitions to become a world leader in distributed ledger technology. The Communist Party and local governments across the country are likely to view president Xi’s recent comments on the tech as a call to action. State propaganda outlet, People’s Daily, has been ramming the message home with editorials such as this in recent weeks; officials and party cadres must understand that the top leadership attaches high importance to blockchain technology due to the prospects of its application in the real economy, people’s livelihood and…

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