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Ministry of IT in China Encourages Industrial Blockchain Development

China’s MIT Deputy Director has recently stressed on the importance of blockchain technology and its development and is pleading with the nation and its participants to adopt blockchain as an essential and vital tech-groundwork for the up and coming crypto-economy.


Importance


The Deputy Director, Xin Guobin, explained how important blockchain technology and its adoption, as well as integration, must be analyzed from a strategic point of view. As he stated, blockchain technology can provide an alternative to the liabilities associated with the current credit process, prevent manipulation of data and severely cut-down costs on a societal level.


These new changes will apply to several sectors within the industry, including finance, healthcare, energy solutions and much more and its effect on these sectors will be incredibly significant. Also acting as China’s lead power manufacturing group, Guobin explained that China must begin upgrading and developing blockchain technology within the industry and its operational requirements as part of the increased and more efficient acceptance in every industry.


Guobin stated that intricate planning to develop a distinguished and regulated system is required to achieve the underlying objective of ensuring a revolutionary step in the blockchain industry and its utility. Finally adding, he highlights the importance of upgrading and providing enhanced official regulations, less restrictive measures, and a more accepting environment.

Regulations


Official governmental regulations are incredibly infamous for its harsh attitude towards unregulated digital currencies with an incredibly impactful effect on local crypto exchanges. As per a recent report, the blockchain scene in China has been building momentum over the last few months.


Earlier this year, China’s President publically hailed blockchain, comparing it to a new wave or generation of technology created to completely restructure and redesign the international economy. The nation’s central bank has been consistently working on its future plan of fully integrating blockchain. The bank is also developing a new crypto-wallet at the same time of its official unveiling its BC-based project which aims at turning material checks into tokens.


One regulator has issued warnings against the excessive hype behind the technology’s potential during the international race to become the world’s leading innovators.

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