The past couple weeks have seen an explosion in the news related directly to China refining its perspective on blockchain technology. Media outlets are rushing to try and wrap their heads around exactly what has happened here in China. For some reason, the Western outlets think these statements are a policy change, but as I posted here last week, it really is not.
The Chinese government’s stance on crypto has largely been the same these past few years. Usually, it's just the Western media (or those that exclusively listen to Dovey Wan on this subject) that continually misinterprets China policy stances. That’s maybe because the politics of the Western world these days are very black-and-white. “You’re either with us or against us,” I believe it was George W. Bush that made this statement. That sentiment is very much the same in the current US administration.
China is all about the grays.
But first, let's review the past couple of weeks.
Xi mentions the word 区块链 32 times in a 1,376 character speech. That means literally that the word "blockchain" made up 7% of his entire speech.
Huang Qifan, a retired but formerly high ranking official in China's finance apparatus, trolls Facebook's Libra in a speech touting the imminent arrival of the PBOC's DCEP digital currency. (It's not crypto, but hey! Who cares? People don't seem to know much about the difference anyway!)
CNLedger reports via tweet that anti-blockchain sentiment is now banned. (Eh, I'm not sure that's the best source to be quoting, but it's certainly part of the massive China blockchain narrative of the past 2 weeks.)
The central bank of China along with the Shanghai commerce department announce that blockchain solves trade authentication and financing issues, which should be a huge boon to cross-border trade in Shanghai, already the world's largest port as measured by TEU throughput.
China's National Development and Reform Commission (NDRC) reverses its stance on bitcoin mining, saying "Hey, it's not so bad!" and "Looks like we're good at this!"
China and France announce plans to initiate a cross-continental food & beverage blockchain called Foodgates, powered by VeChain. Yes, VET/VEN heads rejoice! That deal is a goodly big one, as evidenced by just exactly who was involved in some of the wares that will be using the blockchain to ensure cuisine quality.
Here's another link to my interview. The basic theme that is included there is merely reflective of what I've long preached about the China & blockchain connection.
China is moving step by step (as it always does) into an inevitable future. In the 2000s, it was globalization. Today, it is digital currency, digital assets, the digital transformation of commerce and society, the cashless economy, all of that. Contrary to popular opinion in the West, China never banned blockchain. They were just trying to figure out how to deliver
Blockchain with Chinese characteristics.
That vision is now taking shape, so it's time to start putting it through the grand media cycle. Read more about that process in my interview.
Thanks for reading! PEACE ✌🏼