China: despite the ban of digital currencies embarked on the development of DLT


At all on hearing negative attitude of the Chinese government to digital assets and production of tokens. Leading miners and crypto currency exchange left the country, picking up a more friendly jurisdiction. However, the General public, do not lose hope to join the world of innovation at least through the technology of distributed registry that is not only not forbidden in China, but also received full approval from the ruling Party.

Chinese citizens have become more interested in the DLT since then, as Chinese President XI Jinping praised the technology. It happened at the annual conference, organized by the Chinese Academy of Sciences. Speaking at the event, 28 may, XI Jinping spoke about the fact that a blockchain artificial intelligence and Internet of Things (IoT) is able to change the global financial structure and improve the economy.

In the result, the Chinese State Council ordered local financial authorities and government-funded research centers to devote more resources to the development, deployment and commercialization of innovative technologies.

And a month earlier before the order of the state Council, the Government of Hangzhou decided to spend $1.6 billion to Finance the development of technologies of distributed registries.

The government also supported the Bank of China, which has announced that it plans to invest more than 1% of the annual operating income of FINTECH, IoT and blockchain. The head of the press service of the Bank of China Liu Cuban indicated that the Bank today uses blockchain technology in 12 different projects.

Growth promotion of DLT in China continues, despite the strict regulatory policy of the Party. In July 2018, South China Morning Post cited statistics: in the first half of 2018 in China were registered 3078 companies, the title of which appears the word «blockchain», which is 454% more than in 2017 (when their number was only 555).

August 10, CCN news Agency reported that a Chinese private company GSR Capital invested in the us retail Overstock $374.5 million. $270 million GSR Capital spent on the acquisition of 18% of actions «daughters» Overstock tZero. tZero is an ambitious project of Patrick Byrne, whose goal is the creation of alternatives to NASDAQ, no brokers, direct connection between buyers and sellers. The base of the platform lies tZero transparent, open, invariant registry. Patrick Byrne aims to create a new type of capital market. As a result of the investment of the Chinese company tZero now worth more than Overstock. This investment is in a single block platform is by far the largest of all.

The basics of the blockchain for Chinese officials

Publishing house of the Communist party of China has published a book on blockchain technology called «the Blockchain — a guide for officials». In other words — textbook for bureaucrats. The publication covers all aspects of the new technology and is intended to serve as a guide for Chinese officials. This information has distributed a local media network the People’s Network.

The book includes information on distributed registries, and discusses its practical application in the present and future, in the Annex to the technological, legal, financial, and business areas. In accordance with the guidelines of the Chinese Communist party is committed to providing the General concept and scientific description technology DLT for public authorities with a view to its wider application. In the Chapter entitled «From thinking to blockchain thinking» President of the People’s Network E Hao said: «We call on all industry to look at blockchain technology strategic vision, assess opportunities and promote the sustained and healthy development of the DLT industry.»

Among the other notable figures who contributed to the writing of the book was Shusheng Zhang, the founder of Dana Capital; Duan of Juncao, chief strategist at Caixin Media Group; Xue Cinjun, the head of the Department on investment attraction in Hangzhou.

Own block chain China

China has a strong history of replacing the world’s dominant platforms, and companies such as Google, Facebook and YouTube by local counterparts. WeChat, Youku and other Chinese products have taken the place of Western development.

The Chinese government aims to take a leading position in the implementation and development of the blockchain, integrating innovative technology into local projects, supporting and thus strengthening the country’s economy.


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