China Is Suddenly Full Of Praises For Blockchain Technology

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Last week Chinese TV viewers learned that blockchain’s value is “ten times that of the internet”, straight from China Central Television (CCTV), the state-owned broadcasting network itself. It marks as the first official endorsement of the technology in the country so far.

CCTV’s hour-long program on blockchain included statements from government officials and international crypto experts, including Don Tapscott, author of “Blockchain Revolution”.

It was the first time that China’s state-owned media outlet went through great lengths to explain and educate viewers on the concept and value of blockchain technology.

While the show warned against blockchain-related crimes and frauds, it portrayed the technology in a positive manner overall, which is surprising considering China banned ICOs, shut down crypto exchanges and cracked down crypto mining last year.

During the crackdowns, CCTV regularly attacked crypto projects and ventures. Now, China’s crypto community is excited with the government’s sudden change of tone, with some even taking to social media to share screenshots of the words CCTV used to describe blockchain in the show:

Blockchain is the second era of the Internet.

The value of blockchain is 10 times that of the Internet.

Blockchain is the machine that produces trust.

Last week, Chinese president Xi Jin Ping appealed for his countrymen to take the lead in developing new technologies such as the Internet of things, artificial intelligence and blockchain. Blockchain has surprisingly become a hot topic at most political events in China.

But, China’s embrace of blockchain has one problem—Beijing wants blockchain, but not cryptocurrencies. Basically, this means China is not interested in public blockchains, those that require the use of tokens. Furthermore, China’s ban on cryptocurrencies implies that they are also rejecting the basic ideas associated with blockchain technology, such as free-asset movements and non-government controlled money. The Chinese central bank is, in fact, currently developing its own centralized digital currency.

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