China Renaissance CEO: Blockchain is more important than Bitcoin
The director of a Chinese investment bank says he believes that the underlying technology of Bitcoin is more important than the cryptocurrency itself.
Fan Bao, CEO of China Renaissance, said in an interview with CNBC that while the Bitcoin market may be bullish, it believes that the underlying blockchain technology is more attractive and "probably the most disruptive technology in the financial services industry.
"I believe strongly in Blockchain in terms of its wider application in our industry," he added.
His comments came after Bitcoin reached another historic high of more than US $ 6,100 last week, followed by a refund of a few days to around US $ 5,500 at closing time.
However, at the same time, they present themselves in the midst of a range of applications related to finance for technology, particularly around capital markets.
As reported by CoinDesk, the National Securities Depository (NSD) of Russia has just issued the first live bonus worth $ 10 million through intelligent contracts and the open source chain Hyperledger Fabric.
And the Hong Kong Stock Exchange is also on track to launch a private market for smaller firms interested in developing blockchain applications to explore more use cases.
In another part of the interview, Bao also emphasized in general that the Chinese government has adopted a liberal approach to innovations with its open market policy.
In fact, in a recent announcement, the Government of the State of China suggested that blockchain should be applied to establish a credibility system for the country's supply chain industry, noting official support for development around technology.
Source: CoinDesk
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