- China takes a U-turn on its stance on blockchain technology
- China forms a committee for the regulation of blockchain
Cryptocurrency News Today – China is one of the most advanced nations in the world. Any business activity, development, or news in the world can only find its way into the country if the government permits it officially. This is because China is a nation where the government controls every bit of it. China is known for studying global technologies intensely and then coming up with its own technology.
China Takes a U-Turn on Its Stance on Blockchain Technology
China has always opposed the digital currency space and its underlying technology – Blockchain. In 2017, the nation officially banned blockchain technology. However, the recent statement made by Xi Jinping – the president of China – about embracing blockchain technology, has changed the direction of the digital currency world in China.
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This Wednesday, the Chinese government took a new step to strengthen its relationship with blockchain technology. The Chinese government recently announced the formation of a national level committee for the regulation of blockchain. The Standardization Administration of China (SAC) made the official announcement.
The Standardization Administration of China is a prominent branch of the Chinese government serving as a representative of China on the global platform of Standardization. According to the announcement, the SAC is looking for all the steps that can be taken for the social governance and economic development of China.
China Forms a Committee for Blockchain Regulation
Focusing on these developments, the nation has formed several committees to focus on the technological industry, and this includes blockchain technology. China did not seem to be interested in blockchain and digital currencies when it banned ICOs (initial coin offerings) two years ago, causing BTC price to plunge by six percent then. The Chinese President also said that decentralized digital currencies are a fraud.
Today, the sentiment against digital currencies, as well as the ban, still exists in some aspects of the governance but China is now embracing blockchain technology. In August, the People’s Bank of China made an announcement about launching China’s Central Bank Digital Currency, and the underlying technology of this development is blockchain.
This reality is showing that China is a two-faced nation. On a superficial level, the nation seems to condemn digital currencies. However, the inner sector of the country is working ruthlessly to create such technology. Of course, this is not surprising as China is well-known for doing such, as earlier mentioned.