China Leader Xi Hates Bitcoin, Not Blockchain

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1 July, 2018

China Leader Xi Hates Bitcoin, Not Blockchain

President Xi Jinping of China calls the underlying blockchain technology a "breakthrough" While all but dissing bitcoin.

Axios writes:

What's going on: Xi is differentiating between cryptocurrencies and blockchain. In his view, Bitcoin and other cryptocurrencies could fuel financial risk and even jeopardize Communist Party authority. But in blockchain, he sees something he cherishes — even greater government control.

They also note:

China wants to be at the cutting-edge of an innovation that many experts forecast will experience a commercial boom in the coming years. No one knows precisely how blockchain will be used, but among its applications could be trackable and ethical food.

The problem with blockchain is that China could use it to monitor its citizens.

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