Us media: China blockchain will become a technology leader

Us media calls attention to China's blockchain ambitions: they will become technology leaders
Source: reference news network

Last month, Chinese leaders encouraged companies to seize the opportunity to use and accelerate the development of blockchain technology, according to us media. From the perspective of China's treatment of the technology, this is a major event. The market has been taken aback by the rising share prices of a number of Chinese technology companies and the huge increase in searches for the word "blockchain" on WeChat. The opportunity gives a green light to free innovation by large local companies such as alipay, the social media giant WeChat and payment platform, and gives them enormous power.

According to a report by Forbes on November 25, China's recently announced block chain policy is significant for four reasons.

Reason 1: establishing blockchain standards

China is strong in technological innovation and has been striving to become a leader, the report said. This is the third time the government has promoted a specific technology. It was 5G and artificial intelligence (AI), and it worked; We've seen these technologies improve globally. Now, China is doing the same with blockchain, declaring blockchain technology a national development priority and letting local governments implement their own blockchain policies and standards.

Reason no. 2: access to huge trade opportunities

China is looking for new export destinations in Europe, the Middle East and Africa, mainly around the silk road economic belt. Having advanced blockchain technology will give China huge trade opportunities as it deals with emerging technology markets.

Reason 3: the digital renminbi could become a global currency

The report says China is fully committed to digital assets. As part of that, they are developing digital currency electronic payment platforms.

It is part of a plan to promote the people's bank of China's (pboc) or soon-to-be-issued central bank digital currency, which has a degree of anonymity and extensive cryptographic services in transactions. The goal is to promote the new digital renminbi as a global currency. The reality is that, in its current form, the renminbi lacks openness and liquidity in international foreign exchange markets, so there is absolutely room for growth.

With the new digital renminbi, China will be able to make cross-border payments at a lower cost and faster pace, the report said. In addition, automated features using smart contracts will provide easier liquidity management and trading efficiency, and eventually allow the digital renminbi to serve as an updated version of the current M0, or cash in circulation.

Reason 4: the report speculates that Libra's digital counterpart could be created

According to the report, the libra coin association, which was founded in Switzerland, needs to meet the requirements of regulators in all relevant countries, which may pose a threat to its existence. In contrast, the digital renminbi initiative has a clear direction as a top-down policy. Everything that libra is trying to achieve seems much easier for China, which already has payment platforms such as unionpay and alipay, as well as the super app WeChat, which has 1bn monthly active users and is already running as a digital bank.

Text link:http://m.ckxx.net/zhongguo/p/197399.html

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