After China showed out their interest in the Blockchain tech I have been wondering what are the really purposes behind that knowing also that they're not into cryptocurrency to let that clear to their citizens they banned any trading activity of crypto on the country, and publicly declared BTC "a non" allowed asset in the nation, at least to use it but opened to a mining field of Bitcoin securing almost 70% of all crypto mining industry activity in the world!
That was the first intriguing thing that called my attention this dual criteria, allowing Bitcoin Mining but in other hand banning the use of the asset in the country. Well, they interest in Blockchain don't end on allowing mining of Bitcoin but englobes a public interest in developing their CBDC (central Bank digital currency) that differently from other countries which will use the physical product with digital, in China they will completely substitute the paper notes with digital Yuan!
But why the 2 criteria about Blockchain and cryptocurrency?!
It's difficult to analyze the two situations but one thing is certain, the Blockchain is to mass adopt and studies in that way are being on plans since 2014 (five years after it's public debut) where they announced interest in creating a national digital currency backed by the PBoC (People's Bank of China) the Main Bank in the country, with intense movements in 2019 after the Giant Facebook announced their Global stablecoin.
It's not clear until now if the Chinese government increased their speed on releasing the digital Yuan because the imminent threat for a Global coin backed by Giant Media Company Facebook. Mostly of us don't realize that a move in that way with the support from the U.S government could put the Coin from Facebook in the Global economy with direct interference from U.S Authorities ( to be noted all this big companies have participation from direct government directives even they try to say differently) and all of the world financial data would be in control for just one Big economy, covered by the Media Giant company!
After the invention of the internet and all the supplies that comes with it, the Blockchain and cryptocurrency are clearly the joy who got lapidated in 21 century and any country that could learn and adopt the tech in their economy and services may see their intentions to give fruits right upfront the others that look at the tech with less trust.
I am not surprised to see China betting all in the Blockchain tech with involvement from the biggest companies in the country such as Alibaba, Tencent, the Chinese commercial Banks, the Agricultural Banks and a bunch of services using Blockchain thru their services this shows how important the tech is and a serious business to the Chinese Government and their President Xi Jinping, who endorsed the all nation to adopt the tech.
If they can manage more efficiently, effective and apply the Tech before the competitors this will be a great advance from the Chinese Government, which is in constant trade war with U.S the first worldwide most powerful economy and China right on the second place!
It just a question of power, if they could implement the Blockchain firstly from others they will secure the advantages, and it's clearly absurd to see that other nations are just looking and take time to enter in the Blockchain ecosystem!
They just want control!
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