Over the weekend, Li Lihui, leader of the blockchain research group at the
National Internet Finance Association (NIFA) of China, suggested the country is overly reliant on foreign blockchain technology and that this is a problem. Until 2014, Lihui was President of China’s fourth-largest bank, the state-owned Bank of China.
In his speech, he also suggested a clarification of the norms for law-abiding citizens when it comes to distributed technologies. This perhaps refers to the increased cryptocurrency speculation following
President Xi Jinping’s recent positive blockchain statements. The surge in interest triggered a
crackdown on cryptocurrencies. He made the argument for China taking its place in this new globalization of finance.
Lihui pointed to the immaturity of blockchain technology, which he stated is still relatively small in terms of adoption, and doesn’t support a large number of simultaneous transactions. At the same time, the technology is progressing across the globe.
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