This is how China flex its muscle

Dear Steemians,
Some days back @GxCoinGenevieve posted this

While the People’s Bank of China’s (PBoC) place a ban on coins which raised it funds through ICOs. China’s Ministry of Industry and Information Technology launched a Trusted BlockchainOpen Lab to foster open developments in the blockchain space the CAICT is also building a platform on which blockchain business with experts from other fields can work together with different applications of this new technology.
All these happens right after the Chinese government announcements of an upcoming freeze on the domestic trade of cryptocurrency, closing of all cryptocurrency exchanges in the country by October 31.
The lab is operated as part of the China Academy of Information and Communications Technology (CAICT), a research institution within the Ministry.
This tells that the government sees no conflict between the recent crackdown on ICOs and cryptocurrency trading and the exploration of blockchain technology. Sun Guofeng, the Director of the Institute of Finance of the PBoC, explained that the ban, “should not stop relevant financial technology companies, industry bodies and other technology firms from continuing their research into blockchain technology.” He also said that financial technology firms stand to benefit from exploring a wide range of blockchain applications aside from cryptocurrency, but that the degree of abuse and criminal activity in the field makes enhanced government supervision necessary.
The China Economic Review also quoted a PBoC official as lamenting that “there have been many blockchain conferences where the number of business personnel exceeds technical personnel.” Perhaps this lab will help increase the profile and influence of these technical personnel in the Chinese blockchain space.
Now it would seem that China is pro private blockchain and frowns on anything not in its control, while it's also true that some cases of criminal activity bitcoin was used as the medium. Why is this so. It is the fastest way of moving large sum of money around. common sense tells us, would it be easier to move millions of cash in paper form? The answer is No. In a normal business mode B2B payment where made payment thru the banks to avoid moving the cash. Now we can use bitcoin and save on all those bank charges.

At least we know of one company that is brave enough GxCoinGenevieveco Cie to do it differently.

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