Certain crypto communities would revel in a world where it were illegal to speak against Bitcoin.
Chinese Social Media Reportedly Mutes Anti-Blockchain Talk
Such a world may be in progress in China, where it’s reportedly illegal to speak ill of blockchain projects.
According to a report from Chinese authority CN Ledger, it’s now a bannable offense to speak against the blockchain behind China’s great firewall.
3/ Articles saying blockchain technology is a scam are now BANNED.
Who still remember the days when posts promoting blockchain getting deleted real fast? pic.twitter.com/W5iRJ3PDYS
— cnLedger (@cnLedger) October 28, 2019
The news follows President Xi Jinping’s recent declaration that his massive country should seize the opportunity to develop its blockchain industry.
Many in the blockchain industry would argue that western countries are about to let yet another technological opportunity slip away.
It’s suddenly a feasible future where crypto companies might prefer outwardly communist China to, for example, the United States.
While the blockchain is far from a cure-all, when approached correctly by government mandarins it doesn’t have to be a negatively disruptive force.
Governments can instead leverage blockchain technology as a means to improve their functions and services for the people. China seems to have identified this reality with a fervor, while western countries argue the details.
Blockchain With Chinese Characteristics
What’s gotten into China all of a sudden?
It’s hard telling, but the country’s moves follow major waves made by Facebook, who want to launch a cryptocurrency across their multi-billion user platform. US officials and regulators around the world have feared that the new blockchain product would effectively create an alternative financial system outside of government control.
Now enter China, throwing its full weight behind blockchain solutions. But the country isn’t known for propelling things it can’t control, which means we must expect a “Chinese version” of blockchain products to emerge left and right. Immutable ledgers are far from suitable to major central banks, who feel the need to be able to cover over their mistakes, issue new funds, and control the funds already outstanding.
China may end up leading the way in showing other governments how the benefits of blockchain can be harnessed without embracing the things regulators may view as “drawbacks.”
The overbearing system of Chinese censorship employed in online forums is largely automated, with an army of employees at each social media company, including Tencent, monitoring for banned content. Blockchain content has gone from often being banned to earning a sort of protected status.
All of which might foreshadow even mor China blockchain news, making one wonder if Beijing, rather than Malta, is to become the new hotbed for blockchain companies in the years to follow.