The Chinese Government has triggered what appears to be the ultimate shot towards shutting down all Crypto related activities in the country. Going by China’s Latest regulation, whether you are running: news websites, exchanges, events, or social media accounts, as long as it is related to cryptocurrency, you are required to relocate or shut down operations within China.
China’s Latest Regulation
China’s latest regulation will see to it that all virtual communication and investment channels relating to the cryptocurrency market get banned.
The Chinese government has however made it known that despite all its clampdown efforts against Cryptocurrency, it is still actively proceeding with the development of its Blockchain Technology innovations and projects. Furthermore, In the past three months, the Chinese government has put in more than $3 billion in blockchain focused funds. The Government made it known that it would double the $3 billion investment in the technology since the second quarter of 2018.
The president of China, Xi Jinping and CCTV the largest state-owned television network in the country have on several occasions praised blockchain as a breakthrough technology. Jinping has also confirmed in his statements that blockchain technology will be a major part of China’s technological focus in years to come.
Will China Develop Cryptocurrency?
In light of China’s latest regulations, there has been speculation on whether a full blockchain technology adoption in the country will happen anytime soon. To further clarify this, the head of the Ministry of Industry and Information Technology’s Institute of Industrial Economics, Yu Jianing, said that:
“the adoption of blockchain technology throughout multiple of the Chinese economy is expected to pick up speed in the next three years”
He further stated that:
“Blockchain technology is predicted to be used widely over the next three years in sectors such as copyright protection, product traceability, bill verification, energy, healthcare, and precision making in China.”