China Strives To Gain Blockchain Dominance Worldwide

Wired.com draws our attention to the following fact. While Western countries feel embarrassed because of the COVID-rooted financial slowdown, China investigates new paths to gain global blockchain dominance. These goal was formulated by the PRC President Xi Jinpin last year. He delivered a speech dedicated to the cryptomarket. Xi identified blockchain as “an important breakthrough” and promised that China would not loose this opportunity. He mentioned development, support and research in blockchain sphere among the top priorities of the Chinese authorities. Thus, Xi turned out to be the first world leader to tackle the importance of these technologies for development of the country he rules.

Apart from this, China has been operating very proactively in the global blockchain sphere. Needless to say, that there were registered more than 500 blockchain projects launched by large Chinese corporations since the beginning of the year. People’s Bank of China strives to run the specialized digital currency system to replace or at least decrease cash turnover inside the country.

China predicts some fundamental perturbations in the world finance system. Instead traditional record-keeping structures there should emergebrand-new fintech systems. No doubt, China is going to take up the leading role in this new economic order. It is blockchain that, being complemented with artificial intelligence and internet of things, is capable to commit such a revolution. Economic goals of China come along with its political ambitions. Chinese leaders strongly appreciate the concept of depriving the US dollar of the world reserve currency status. Cryptocurrencies owned by Chinese corporations might become an efficient instrument to devastate the US dominance in global economy.

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