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Blockchain is Useful, “Mythologizing” It Is Not: Chinese Regulator

On 9th July the South China Morning post initiated the new outlet of the head of the China Banking and Insurance Regulatory Commission of the international department has notified against “mythologizing” blockchain technology.

On 8th July the 5th FIntec Bund Summit in Shanghai spoke to the people, and although blockchain is “an innovation with significant meaning,” it admiring it disrupt to “mythologize” the technology by Fan Wenzhong.

The Wenzhong reportedly said “decentralization is not a new trend but a loop, because the earliest human transactions were without central authorities” as it will be difficult to admit blockchain as a “revolution.” Wenzhong stated that transactions were without central authorities.” Fan reiterated“decentralization is not a new trend but a loop, because of the earliest human the government position on cryptocurrencies, stating:

“Blockchain is a useful innovation but that doesn’t mean cryptocurrencies, which blockchain has given rise to, are necessarily useful.”

According to Post, China has adopted a slant in regards to cryptocurrencies, because of the ban of other domestic access the regulators have almost banned 110 cryptocurrencies throughout the world, while police have investigated 300 criminal cases related to digital currencies on the hack of their accounts and people has lost millions of money till now.

An average lifespan of a blockchain project is 1.23 years (approximately) and today only eight percent projects are still alive rest others crisp the platform its revealed by China’s government because of this analysis, China’s president Xi Jinping praised blockchain, calling it “part of the technological revolution”. Xi said:

“Since the 21st century began, global scientific and technological innovation has entered an unprecedented period of intensive activity. A new round of scientific and technological revolutions and industrial changes is reconstructing the global innovation map and reshaping the global economic structure.”

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