China Too Dependent on Foreign Blockchain Tech, Claims National Finance Senior

China Too Dependent on Foreign Blockchain Tech, Claims National Finance Senior
фото показано с : beincrypto.com

2019-12-9 16:05

Li Lihui, the previous president of the Bank of China and current leader of the National Internet Finance Association (NIFA), recently told reporters that China is too dependent on foreign blockchain technology.

A leading figure in the blockchain world in China is saying that the country has to start building native technologies. In a recent speech, Li Lihui said that China’s technical dependence on foreign countries for blockchain and other emerging technologies is unsustainable. The speech was recently reported by the Chinese media outlet, Sina.

China’s Piece of the Pie

Given that China is trying to carve itself a standalone place in the technology world, Lihui believes its primary focus should be lessening its dependence on foreign tech imports. Given the Chinese government’s recent commitment to blockchain, this is especially prescient claims Lihui. “This is very important [and] dangerous. For example, the original code used by the blockchain is basically not our own,” he said.

This ‘technical dependence,’ claims Lihui, is bound to cause problems down the line. Although China has its fair share of locally-generated blockchain networks, the vast majority of them are derivative of existing public chains like Ethereum or Hyperledger. One such example is FISCO-BCOS which is actively being worked on by giants like WeBank, Tencent, and Huawei. This protocol, however, is derived from Ethereum, hence Lihui’s concerns.

Industry-Leading Aspirations

The ultimate goal for China is to establish competitive advantages in the realm of digital finance in this digital arms race. The further globalization of finance is inevitable, stresses Lihui, and China has to be on the cutting edge in order to affirm its place in this highly-competitive field.

It was claimed that the Chinese state-backed cryptocurrency ‘DCEP’ can support a speed of 220,000 transactions-per-second, as BeInCrypto recently reported. The plan is to integrate some 2 billion people into the payment network in the first phase in Asia and all nations involved in the Belt and Road Initiative. According to Cai Yin, a blockchain veteran based in Shanghai, a “war of crypto tokens will break out next year.” Given Lihui’s recent comments, it seems that the global technological race over blockchain technology and control is heating up and we can expect it to be a prime driver of the industry in 2020 and beyond.

The post China Too Dependent on Foreign Blockchain Tech, Claims National Finance Senior appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

High Performance Blockchain (HPB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.0064459
Капитализация $0 Rank 99999
Цена в час новости $ 0.2821 (-100%)

china national blockchain finance dependent too foreign

china national → Результатов: 117


China’s national cryptocurrency is getting more ominous

China’s central bank governor gave an update on the national currency being developed this week Anonymity and privacy will be protected, he argues Our Analyst Dan Ashmore is not so sure, believing these digital currencies are potentially very dystopian Having said that, there are advantages to the nascent concept, too But with China leading the […] The post China’s national cryptocurrency is getting more ominous appeared first on CoinJournal.

2022-11-2 15:53


China Central Bank to Set Standards for 17 Fintech Categories, Including Blockchain

The People’s Bank of China (PBoC) has an agenda to set industry standards across the financial sector, including blockchain, a senior official from the bank said on Wednesday.  Speaking at a meeting of the National Technical Committee, PBoC vice president Yifei Fan said the bank aims to better regulate new technologies applied across the financial […]

2019-11-22 09:00


China Reinforces ‘Blockchain Not BTC’ Saying Cryptos Are ‘Unregistered Security’ & ‘Illegal Ponzi’

China is taking serious action against cryptocurrencies, solidifying its stance on “blockchain not bitcoin. ” Dovey Wan, Founding Partner at Primitive Crypto shared the latest developments where CCTV1, the national flagship television network of the People's Republic of China featured a 60-minute investigative program on cryptocurrency.

2019-11-18 18:51


China reverses decision to ban crypto mining in 2020

The plan to include cryptocurrency mining in China into a list of industries that would be banned in the country has reportedly been scrapped. Earlier this year, the National Development and Reform Commission (NDRC) in China revealed it was considering putting crypto mining on a list of banned industrial activities, which would have effectively phased […] The post China reverses decision to ban crypto mining in 2020 appeared first on CryptoSlate.

2019-11-6 13:44


Фото:

Китай официально отказался от борьбы с майнерами и криптодобычей

Агентство экономического планирования при Государственном совете Китая Национальная комиссия по развитию и реформам (NDRC) представило финальный вариант каталога «руководящих принципов реструктуризации промышленности».

2019-11-7 10:06


Фото:

China’s National Digital Currency is Anything but Decentralized says Ethereum Co-Founder

China’s national digital currency is in the works, which would monitor transactions and curb money laundering. However, according to a recent interview with CNBC on November 5, 2019, Ethereum co-founder, Joseph Lubin, believes that China’s central bank digital currency (CBDC) lacks a key component of blockchain technology, which is decentralization.

2019-11-6 10:00


Фото:

200+ German Banks Unite to Propose a Pan-Continental Digital Euro

China may have the early mover’s advantage in the race to launch the first national digital currency, but it seems other major global players are in no mood to be left far behind. The Association of German Banks (Bankenverband) released a paper yesterday explicitly stating that the Eurozone economy will benefit from a ‘programmable digital […] The post 200+ German Banks Unite to Propose a Pan-Continental Digital Euro appeared first on BeInCrypto.

2019-11-1 18:09


Фото:

China’s DCEP to Be World’s First National Digital Currency, Says CCIE Vice Chairman

It looks like the Chinese government is going full-throttle on its roadmap to roll out a yuan-pegged digital currency. There’s no official word on a launch date as of yet, but judging by the recent chain of events, it is highly likely that the Chinese Digital Currency or Electronic Payments system (DCEP), will be rolled […] The post China’s DCEP to Be World’s First National Digital Currency, Says CCIE Vice Chairman appeared first on BeInCrypto.

2019-10-29 18:45


Фото:

China: Digital Currency Experiments and Research to be Headed by Shenzhen

Shenzhen will be the testing grounds for China’s fascinating digital currency ambitions, this according to a central government document. As reported by Beloit Bulletin, September 30, People’s Bank of China (PBoC) plans to launch a significant research effort pertaining to the development of China’s national digital currency and others with hopes of fostering significant urbanRead MoreRead More.

2019-9-30 19:00


Фото:

Bitcoin Is ‘Virtual Property’ Says Second China Court

China has officially recognized Bitcoin as a valid phenomenon for a second time after a court determined it is “virtual property. ” Bitcoin Is ‘Valuable, Scarce And Disposable’ As reported by Caijing quoting the China Securities Journal, a national newsletter published by the Xinhua News Agency, a court in Hangzhou made the judgement during an ongoing dispute between a cryptocurrency exchange and one of its users.

2019-7-19 15:00