With Xi's backing, China looks to become a world leader in blockchain as US policy is absent - CNBC
The move could allow the world's second-largest economy to control the development of the nascent technology in the absence of competition from other regions like Europe and the U.S. Blockchain refers to a technology which began with the cryptocurrency bitcoin. "For the foreseeable future, we think (the) Chinese government will insist on pushing the development of blockchain technology, instead of the application of cryptocurrency," Lawrence Wintermeyer, co-chair of Global Digital Finance, an industry body that promotes the adoption of digital finance technologies, told CNBC.
"With President Xi's backing blockchain, China has unequivocally said that the future foundation of technology is blockchain, and China will be the first nation to the moon," Jehan Chu, co-founder of Kenetic Capital, a trading and investment firm focused on digital assets, told CNBC. Markowsky said that China's blockchain push could put other countries behind, to the point where the world's second-largest economy could dominate the technology and the way it's developed.
