The head of international department of China Banking and Insurance Regulatory Commision, Mr. Fan Wenzhong, commented about blockchain and provides further insight about the beliefs of Chinese government. His direct quotes include:
“We all think blockchain is an innovation with significant meaning – correct. But we shouldn’t mythologise blockchain.”
“Decentralisation is not a new trend but a loop, because the earliest human transactions were without central authorities”
The comments made during a fintech conference in Shanghai warns against believing blockchain is the answer to everything. Chinese government has been very strong in promoting blockchain investments and continue to ban the trading of cryptocurrencies. We believe there will be new stances on cryptocurrency trading to be released by the end of the year, as there are many rumors of China working on their own state-owned digital currencies.
We will be discussing the future of China’s blockchain industry at our US China Blockchain & Digital Currency Conference on August 22nd in Los Angeles. We hope to see you there!