{"id":402663,"date":"2019-10-28T19:00:36","date_gmt":"2019-10-28T19:00:36","guid":{"rendered":"https:\/\/uniquehot.com\/?p=402663"},"modified":"2019-10-28T15:26:31","modified_gmt":"2019-10-28T15:26:31","slug":"why-chinas-interest-in-blockchain-will-ultimately-be-bad-for-crypto","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/why-chinas-interest-in-blockchain-will-ultimately-be-bad-for-crypto\/","title":{"rendered":"Why China&#8217;s Interest in Blockchain Will Ultimately Be Bad For Crypto"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">Last week, Chinese President Xi Jinping gave a speech where he praised the blockchain technology many crypto assets are built on and urged his country to ensure it is at the forefront of future developments in the space.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\"><a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> and other <a href=\"https:\/\/uniquehot.com\/2019\/10\/28\/chinese-crypto-crank-has-china-just-ignited-another-altseason\/\">Chinese altcoins pumped<\/a> on the news, with Bitcoin setting it\u2019s third-largest one day gain in the crypto asset\u2019s history. However, news that China is entering the blockchain arena may ultimately spell bad news for cryptocurrencies like Bitcoin and others.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">China\u2019s Nod of Support For Blockchain Causes Crypto Markets To Surge<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Bitcoin started the week trading at a low of $7,300, but following news that Chinese President Xi Jinping spoke out in support of blockchain \u2013 the technology underpinning Bitcoin and many other crypto assets \u2013 <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> spiked over 40% setting its third-largest one day gain in the asset\u2019s short history.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2019\/10\/28\/chinese-crypto-crank-has-china-just-ignited-another-altseason\/\">Chinese Crypto Crank, Has China Just Ignited Another Altseason?<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">In the following days, <a href=\"https:\/\/uniquehot.com\/2019\/10\/28\/chinese-crypto-crank-has-china-just-ignited-another-altseason\/\">other Chinese altcoins also pumped<\/a>, with Tron, NEO, and VeChain all rising by over 30%. Bytom, another Chinese crypto project, pumped over 300% from low to high before retracing.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Why Chinese Support of Blockchain Is Bad for Bitcoin<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Pundits of cryptocurrencies argue that it\u2019s blockchain, not <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>, that is the truly transformative technology. It\u2019s worth noting, that Chinese President Xi Jinping\u2019s comments were in support of blockchain, and not cryptocurrencies. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Given China\u2019s track record for censorship and control, the country has little motivation or reason to bring Bitcoin or other existing, decentralized cryptocurrencies into its financial landscape, and The People\u2019s Bank of China is instead focusing on the development of what is being called DCEP or digital currency electronic payment.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83c\udde8\ud83c\uddf3 BREAKING: China to launch digital currency \u201cDCEP\u201d<\/p>\n<p>According to this video (to be confirmed), Chinese Central Bank will launch digital currency called DCEP. To be tested and onboarded with commercial banks first.<\/p>\n<p>More on this story soon. <a href=\"https:\/\/t.co\/OqRwN272iv\" rel=\"nofollow\">pic.twitter.com\/OqRwN272iv<\/a><\/p>\n<p>&mdash; Block Journal (@blockjournal) <a href=\"https:\/\/twitter.com\/blockjournal\/status\/01597697?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 28, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">Following Xi\u2019s statements this week, it was revealed at the Inaugural Bund Financial Summit of 2019 in Shanghai that after 5-6 years of development, <a href=\"https:\/\/pandaily.com\/cciee-vice-chairman-says-pboc-will-be-first-to-roll-out-digital-currency\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">China\u2019s central bank would soon launch DCEP<\/a>, with the digital currency first being tested and rolled out with commercial banks in the region.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">China\u2019s motivations are clear when it comes to blockchain: they plan to utilize the technology to develop their own, censorable digital currency, likely to further tighten the strict control over the country\u2019s citizens.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Once China\u2019s DCEP is fully deployed, more stringent control over crypto assets could soon follow to ensure there\u2019s no opposition to the digital currency. China has already taken major steps to censor the internet as a means to control the flow of information from reaching its citizens.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2018\/10\/09\/report-china-has-capabilities-and-strong-motive-to-destroy-bitcoin\/\">Report: China Has \u201cCapabilities\u201d and \u201cStrong Motive\u201d to Destroy Bitcoin<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">China also plans to introduce a social credit system in the future that assigns a score to citizens depending on their online and real life behaviors. The DCEP could be intertwined with the country\u2019s social credit system, and internet censorship, and the country could theoretically penalize behaviors through their finances as a result.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">So while crypto investors high on the recent pump may be signing the praises of China for their support of blockchain, that support may ultimately be a negative thing for the overall crypto space.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last week, Chinese President Xi Jinping gave a speech where he praised the blockchain technology many crypto assets are built on and urged his country to ensure it is at the forefront of future developments in the space. Bitcoin and other Chinese altcoins pumped on the news, with Bitcoin setting it\u2019s third-largest one day gain in the crypto asset\u2019s history. However, news that China is entering the blockchain arena may ultimately spell bad news for cryptocurrencies like Bitcoin and others. China\u2019s Nod of Support For Blockchain Causes Crypto Markets To Surge Bitcoin started the week trading at a low of $7,300, but following news that Chinese President Xi Jinping spoke out in support of blockchain \u2013 the technology underpinning Bitcoin and many other crypto assets \u2013 Bitcoin price spiked over 40% setting its third-largest one day gain in the asset\u2019s short history. Related Reading | Chinese Crypto Crank, Has China Just Ignited Another Altseason? In the following days, other Chinese altcoins also pumped, with Tron, NEO, and VeChain all rising by over 30%. Bytom, another Chinese crypto project, pumped over 300% from low to high before retracing. Why Chinese Support of Blockchain Is Bad for Bitcoin Pundits of cryptocurrencies argue that it\u2019s blockchain, not Bitcoin, that is the truly transformative technology. It\u2019s worth noting, that Chinese President Xi Jinping\u2019s comments were in support of blockchain, and not cryptocurrencies. Given China\u2019s track record for censorship and control, the country has little motivation or reason to bring Bitcoin or other existing, decentralized cryptocurrencies into its financial landscape, and The People\u2019s Bank of China is instead focusing on the development of what is being called DCEP or digital currency electronic payment. \ud83c\udde8\ud83c\uddf3 BREAKING: China to launch digital currency \u201cDCEP\u201d According to this video (to be confirmed), Chinese Central Bank will launch digital currency called DCEP. To be tested and onboarded with commercial banks first. More on this story soon. pic.twitter.com\/OqRwN272iv &mdash; Block Journal (@blockjournal) October 28, 2019 Following Xi\u2019s statements this week, it was revealed at the Inaugural Bund Financial Summit of 2019 in Shanghai that after 5-6 years of development, China\u2019s central bank would soon launch DCEP, with the digital currency first being tested and rolled out with commercial banks in the region. China\u2019s motivations are clear when it comes to blockchain: they plan to utilize the technology to develop their own, censorable digital currency, likely to further tighten the strict control over the country\u2019s citizens. Once China\u2019s DCEP is fully deployed, more stringent control over crypto assets could soon follow to ensure there\u2019s no opposition to the digital currency. China has already taken major steps to censor the internet as a means to control the flow of information from reaching its citizens. Related Reading | Report: China Has \u201cCapabilities\u201d and \u201cStrong Motive\u201d to Destroy Bitcoin China also plans to introduce a social credit system in the future that assigns a score to citizens depending on their online and real life behaviors. The DCEP could be intertwined with the country\u2019s social credit system, and internet censorship, and the country could theoretically penalize behaviors through their finances as a result. So while crypto investors high on the recent pump may be signing the praises of China for their support of blockchain, that support may ultimately be a negative thing for the overall crypto space.<\/p>\n","protected":false},"author":517,"featured_media":402665,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1020,1310,6664,58954],"class_list":["post-402663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-blockchain","tag-china","tag-crypto","tag-president-xi-jinping"],"acf":[],"yoast_head":"\n<title>Why China&#039;s Interest in Blockchain Will Ultimately Be Bad For Crypto<\/title>\n<meta name=\"description\" content=\"Last week, Chinese President Xi Jinping gave a speech where he praised the blockchain technology many crypto assets are built on and urged his country to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/why-chinas-interest-in-blockchain-will-ultimately-be-bad-for-crypto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why China&#039;s Interest in Blockchain Will Ultimately Be Bad For Crypto\" \/>\n<meta property=\"og:description\" content=\"Last week, Chinese President Xi Jinping gave a speech where he praised the blockchain technology many crypto assets are built on and urged his country to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/why-chinas-interest-in-blockchain-will-ultimately-be-bad-for-crypto\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-28T19:00:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-10-28T15:26:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/10\/china-bad-crypto-bitcoin-blockchain-shutterstock_1014478309-860x484.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"860\" \/>\n\t<meta property=\"og:image:height\" content=\"484\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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