There’s been significant speculation after Chinese President
Xi Jinping voiced his support for blockchain. Both cryptocurrencies and technology companies received a boost following the news. However, the country has been a significant critic of cryptocurrency, and the stand has been affirmed by a politically approved report published by China Electronic Banking Network (Cebnet).
On Friday Cebnet released a 2018 article written by Sheng Songcheng, Counselor of the Shanghai Municipal People’s Government and the former Director of the Survey and Statistics Department of the People’s Bank of China. The central bank is widely expected to issue a Central Bank Digital Currency soon, which will not leverage blockchain because the bank believes it is not sufficiently scalable.
In his writing, Songcheng stressed the need to develop practical applications to serve the economy, instead of looking at blockchain to replace the current financial systems.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
