New Chinese Criptocurrency
In the past, Much has been said about the prohibitive nature of the Chinese Government in reference to cryptocurrencies and everything related to the Blockchain. The ban on BTC mining is shielded in high energy consumption. To this fact are added declarations of government officials who attribute a character of “illegality” to the possession of crypto assets.
Well, apparently this has been in the past, since we can now appreciate a new vision of openness towards the adoption of crypto by the Red Giant.
The launch of its own cryptocurrency, which many attribute to a way of evading economic sanctions and tariff blocks by the US, is proof of that..
According to Huang Qifan, a member of the Communist Party of China, this launch will have a disruptive influence on the future of the global economy as it would take out both Libra, other national cryptocurrencies and even the traditional SWIFT system, underlying bank transactions.
A government-issued digital currency that uses blockchain technology can be faster, cheaper and more reliable compared to physical monetary value, however, it would not necessarily be a transparent and public blockchain.
The name of this cryptocurrency has not yet been published.
Blockchain City
Now the Chinese Authorities surprise again with the support and financing in the construction of the first Blockchain City, which would be located on the critical navigation route of the Malacca Strait of Malaysia.
The Chinese construction and engineering company Wuyi and the SWT International Sdn Bhd investment network jointly launched the Chinese government-backed project aimed at developing the city of Malacca in a blockchain city called Melaka Straits. The founders of the project plan to raise 500 Malaysian Ringgits ($ 120 million) during the initial stage.
According to the launch, the entire infrastructure of the city will be based on blockchain technology, with a platform called DMI that offers its native DMI currency. DMI will be used to pay for government services within the city and will have an exchange that will allow Melaka Straits City tourists to exchange their fiat currencies for DMI currencies.
There are currently large regions in Switzerland where Blockchain technology has been implemented by government authorities to carry out related procedures in the field of Social Security and Identification. The Swiss government has also been the pioneers in legislation to give legal character to all operations involving cryptocurrencies and crypto assets.
It is shocking that the Chinese Government after years of prohibition and war against the mining of BTC and the possession of crypto assets, now proves to be financing and developing its own technology in terms of adoption of crypto and Blockchain.
In my opinion this only demonstrates what many of us already know before, and that is that the future of humanity will be established on the basis of a great Blockchain, the adoption will be total and the time will come when Fiat will be the history of money and commercial and financial exchange.
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