The blockchain lead is now in the hands of China as the industry and ecosystem has the full support of the Chinese government and its outspoken supporter, President Xi Jinping. The lack of competition from the US and Europe seems odd in a world in which world has looked to these three areas, including Japan, as leaders in technology. This “distributed ledger technology” or DLT is linked to Bitcoin and other new products but the key here is that it is “decentralized” by nature. President Xi said in October that China must “seize the opportunities” presented by blockchain. China has placed itself as the core of not only blockchain but related technologies and of course the digitial currency world. However, in 2017 the government banned so-called “initial coin offerings” or ICOs. An ICO is a vehicle for start-ups to raise funds by selling off newl-created digital currencies. Despite the contol placed on crytpocurrencies, many of the leading traders of crypto in the world are Chinese nationals …. of course the Chinese government has never had an issue with blockchain, the underlying technology of Bitcoin. China leads and the US and Europe now fall behind.
China Looks to Become World Leader in Blockchain, the US is Falling Behind
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