China is ahead in Asia in technology and innovation acceptance. cryptocurrency and blockchain technology is now a new field where China wants to be a global leader of the world. last week china passed a new cryptographic law for all new technology and innovation base company support. this law will help the companies to understand the rules and regulations of the china authority in the blockchain field, china is planing very big in the blockchain industry. if other countries like India,USA will not support the cryptocurrency and blockchain very soon than china will eat the Indian lunch from our plates. China is using blockchain technology in a very big way
1.planing to launch their own digital crypto currency-> peoples bank of china is planning to launch their own stable digital currency. they have their own research team called as (digital currency research institute) DCRI working on seeing the possibility of how soon they can launch their own stable coin. this way they are counting facebook libra coins for the future. China won't like the idea that facebook libra gets any investment or any attention in china so they are ready before libra with their own digital currency. its smart move and showing how much china is ready to counter the USA base, social giant.
2.latest billionaire on Forbes coming from china-> new billionaires are from china in new Forbes billionaire list below 40 years age. one of them is like mining hardware selling company bitmex owner Micree Zhan is on top with 4 billion $ net worth. Bitmain company started in 2013. second individual in list CEO of binance exchange Mr. Changpeng Zhao with all-out total assets 2 billion $. binance exchange began in 2016. it is simply close to the 3-year-old organization and its CEO now as of now in top very rich person list in the world
3.china planning to tokenize all assets and putting on blockchain-> if china eager to launch its own cryptocurrency that means there is something that will be supporting china. it's very simple they want to all Chinese money on blockchain and want to watch the people doing with their currency .they want to monitor the all financial activities of their people. they support this kind of idea on blockchains like one of top automaker Wianxiang invested 30 million $ in the project that wants to develop a smart city on the base of blockchain technology where all the residents have to put their all critical data and details on blockchain.
4.china facing tariff war from America-> one of reason to support blockchain and cryptocurrency is that china is facing tariff war with America. they are losing lots of business revue from the American market and lots of companies now moving out of china as lots of taxes put by the USA over on china base company and products. China wants to recover this lost by supporting the blockchain and crypto industry and want to save devaluation of yuan by backing and hold more and more bitcoins
this is a very poor situation for India where we are still not ready for blockchain and cryptocurrency. we have all the resources and technology to be a top in the industry but govt is not awaking at this time. they are still busy with other business. they want to create India's biggest startup hub in the world but I don't know how they will do it without the blockchain industry. if India didn't realize this thing than i am sorry to say but china will eat our whole lunch.
OCTOBER 29, 2019
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