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 the state governance
The public has been bombarded with media articles and educational reports on blockchain…