Category Archives: CCTV)

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China’s Banking Regulator Warns Against “Mythologizing” Blockchain

A Chinese regulator has spoken out against blockchain, accusing some of mythologizing the technology, writes Cointelegraph.

Fan Wenzhong, head of the international department of the China Banking and Insurance Regulatory Commission, made the statement during a recent speech at the 5th Fintech Bund Summit in Shanghai on 8 July.

The regulator didn’t deny that blockchain was, in his words, an “innovation with significant meaning”, but went on to say that there was a danger of “mythologizing” it because the idea of multi-entry bookkeeping has been circulating for hundreds of years. He commented that:

“…decentralization is not a new trend but a loop, because the earliest human transactions were without central authorities… blockchain is a useful innovation, but that doesn’t mean cryptocurrencies, which blockchain has given rise to, are necessarily useful.”

Fan’s views are not dissimilar in tenor to those of the Chinese government who, despite banning cryptocurrency trading, are nonetheless surging ahead with blockchain projects, seeing the two as not mutually dependent; blockchain having a range of functions beyond cryptocurrency itself.

Fan added that it was a disservice to the technology to promote it with such adulation and that it was in no way a revolution, perhaps forgetting the recent words of the Chinese president himself speaking earlier this year who indeed described it as a technological revolution. Xi Jinping had 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.”

It appears that the head of the regulatory commission may need to be careful with his vocabulary, lest he comes head to head with a president who uses the same language that Fan suggests is unhelpful regarding blockchain’s future development in China.

Last month blockchain was heralded for its internet-crushing-value on a China Central Television (CCTV) broadcast by the state-backed TV channel tagging it as being “the machine that generates trust” while in the same program making further attacks on cryptocurrency.

 

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Blockchain Is Becoming China’s Darling, but Crypto Suffers From Beijing’s Distrust

Last week’s comments by China’s president Xi Jinping that the “blockchain was 10 times more valuable than the internet” clearly highlights the direction that the Chinese government is taking regarding the cryptocurrency space, according to Cointelegraph

Adding to those comments, the president referred to blockchain as “a part of the technological revolution”. If this “revolution” is already underway, where exactly does that leave bitcoin, following cryptocurrency’s trading ban in the country enforced earlier this year? Under the ban, Chinese residents can hold cryptocurrencies, but can’t currently trade them.

Add to that the prohibitive attack on China’s mining industry by regulatory bodies and things don’t look too bright for Bitcoin when juxtaposed to China’s new enthusiasm for blockchain.

Given these current conditions, China is still a major Bitcoin player with 50 to 70 percent of global mining taking place in the country, although this number is not comparable with its far more significant figures before the ban was actually put in place. Many miners have relocated under China’s crypto skeptical regime and the bans have made their mark on global markets when Bitcoin dropped to its lowest level in more than a month, with Ethereum (ETH) declining 19% and Ripple (XRP) collapsing 29%.

In 2013, banks and financial organizations were prohibited to carry out any crypto-related operations, and all companies offering any services involving Bitcoin were obliged to register with the relevant authorities and to follow know-your-customer (KYC) procedures to prevent money laundering and tax evasion, as Cointelegraph points out.

The situation has deteriorated even further now that ICO’s have been clamped, and exchanges shut down. With 15  closing, some moving to Hong Kong or staying on and becoming fiat free, to avoid the governments no trade for fiat regulations. Despite this and a further increase in regulation, China still boasts the top 20 cryptocurrencies in the global market in terms of valuation.

No such problems for blockchain, as exemplified by Xi Jinping latest stance, and his proclamation that the internet pales into insignificance alongside the new technology:

“The new generation of information technology represented by artificial intelligence, quantum information, mobile communication, internet of things, and blockchain is accelerating breakthroughs in its range of applications.”

Hangzhou is fast becoming blockchain’s Chinese Mecca, the city where Alibaba was founded, with its new Blockchain Industrial Park and $1.6 bln innovation fund. Also, Hangzhou will gain from the construction of a research institute established to provide academic support for the development of blockchain tech in the city.

Recently Blockchain was heralded for its internet-crushing-value on a China Central Television (CCTV) broadcast by the state-backed TV channel tagging it as being “the machine that generates trust” whilst in the same program making further attacks on cryptocurrency.

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China State TV: Blockchain 10 Times More Valuable Than Internet

China’s primary state television CCTV has broadcast on its finance channel that the value of blockchain is “ten times more than that of the internet” in a discussion on the potential and the risks of the new technology in China, writes Coindesk.

In an hour-long discussion between representatives of both private and industry sectors and host Chen Weihong, it emerged that the panel viewed blockchain as “exciting”, labeled as the Internet’s “second phase”.

In its Dialogue segment aired on Sunday night, the panel included Canadian business executive Don Tapscott, the well-known author of ‘Blockchain Revolution – an acclaimed book on blockchain which explains how to capture the opportunity and avoid the dangers of the burgeoning technology.

Other speakers included Chen Lei, CEO of cloud network giant Xunlei and Zhang Shoucheng, a physics professor at Stanford University and founder of Danhua Capital, a venture capital firm that invests in blockchain technology.

Chen presented the discussion with his claim that that blockchain has become the second phase of the Internet and now has a value ten times greater.

Stanford’s Zang commented, “While the real value of the internet is aggregating individual pieces of information into one place, which is exactly what Google and Facebook do, we are now entering an era where information is being decentralized so that individuals can own their individual data. And that’s the real value of blockchain that makes it exciting.”

However, each panel member was asked to comment on fraudulent ICOs and their marketing slogans and explain them to the nationwide audience, highlighting the Chinese government’s prohibitive stance on cryptocurrencies.

By summarizing some of the usual marketing slogans used by potentially fraudulent ICOs and having each speaker to explain them to the station’s wide audience base, the program again signaled the station’s ongoing efforts to scrutinize cryptocurrency projects in China.

Recently, the state-run broadcaster in its Financial News program described token sale activities as still “rampant,” despite a 2017 ban on ICOs in the country.  The state media outlet said that the recent ICO ban had not prevented a get-rich-quick mentality driving a rush into the cryptocurrency space.

 

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