China’s media warned the public to ‘keep it rational’ and avoid the hype that circles around ‘aircoins.’ Why are they warning the public, remains to be seen in the crypto news below.
Dovey Wan, the founding partner of blockchain-based investment company Primitive Ventures, tweeted on October 4 two screenshots showing a rough translation of the latest reports from China’s media that is of course, state-backed including the reports from CPC English-speaking news portal China Daily.
The people’s daily article explains the bullish statement that with blockchain technology the future is already here but it goes on to draw a sharp distinction between the bonafide innovation in the sector and what seems to be the virtual currency speculation:
“Innovation in blockchain is not equivalent to speculation in virtual currency. The use of blockchain to hype up aircoins […] should be prevented.”
The report also cautions that blockchain is still in the early stages of development and is still in need of improvements in terms of security, standardization and regulatory oversight:
“The use of blockchain to store and spread illegal information, to enable illegal transactions, money laundering and similar activities should be severely punished.”
The report also advocates for ‘inclusive and prudent regulation’ that will allow for further experimentation but with no transgressions. By avoiding the crypto frenzy, China can foster the development of Blockchain further with ‘orderly competition.’ As the People’s daily notes, China has already built the foundation for implementing blockchain development with the participation of major internet companies in the sector as well as with more than 20 of the country’s provinces already introducing policies to promote the industry.
Earlier today, the Global Times reported that the new independent blockchain-based smart city ID system has been launched jointly by three large institutes based on the city of Shijiazhuang in north China’s Hebei province. The system is now available for cities across the nation as of yesterday. This week, more than 10 million blockchain-based invoices were successfully issued in the tech capital of China- Shenzhen, according to the tax authorities. Notably, China’s President Xi Jinping recently called on the country to accelerate blockchain adoption and to embrace the technology as well.
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