Tech War: China to challenge US dominance in blockchain technology

China’s advancement in technology faces opposition from Washington.

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  • China attempt to challenge the US, from issuing digital money to streamlining a raft of government services and tracking Communist Party loyalty.
  • Blockchain technology is important for the future and China plans to be the global leader.

blockchain

A blockchain is an emergent list of records known as blocks that are associated using cryptography.

China has introduced an aspiring attempt to challenge the US superiority in blockchain technology. It includes issuing digital money, to streamlining a raft of government services and tracking Communist Party loyalty.

Emerged technology is noteworthy for its utilization in cryptocurrencies such as bitcoin, which was singled out as “a key breakthrough that can facilitate China’s progress in core technologies” Chinese President Xi Jinping last week. An indication that the government sees blockchain as a fundamental part of the country’s aim to become a high-tech superpower.

Beijing is the latest to have adopted a law strictly governing the encryption of information specifically blockchain technology. Although the latest rule for blockchain “is still rather vague”.

The country is noticeably one of the most dynamic in terms of rules and regulations, Pogorzelski, editor of site Cryptonaute.fr,,

“China has understood very well that to stay a superpower, you have to be at the forefront of new technologies,” said Pogorzelski

Fundamental role

Blockchain will play a fundamental role in various sectors in the coming years, including digital finance, internet of things, AI and 5G.

However,”Blockchain should play a bigger role in strengthening Chinese power in cyberspace, developing the digital economy and promoting socio-economic development,” Xi said.

According to Pompliano “Blockchain technology is really important for the future and China plans to be the global leader.”

However, China is against exchanging in cryptocurrencies and raising support through new initial coin offerings. Moreover, they are risk to the nation’s financial stability. China’s People Bank has been a front-runner in research into the technology, in making a national computerized currency.

China-US tech war

Besides, China’s advancement in technology faces opposition from Washington, with telecommunications giant Huawei and other Chinese hi-tech industries. These companies have been placed on a blacklist by the US that bars their access to American-made technologies and components.

What are your views on this? Share with us in the comments bar below.

  • If there is banking ban then whatever the govt says ,it has zero value. Banks are not allowed to trade in Crypto.


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