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…