China is definitely not a fan of crypto, we all know that by now. Nevertheless, they are now coming up with their own blockchain, which will be released in 2022. They have been working on this for some time and according to expectations it will be open to the general public as early as next year, as a draft version was recently approved.
China’s blockchain
We know this through the company Sichuan Daily, a Chinese daily newspaper run by the state. Li Ming, the director of blockchain research at China Electronics Standardization Institute, which is part of the Ministry of Industry and Information Technology of China, indicates that the development of a nationwide blockchain is in full swing. Here he adds that the blockchain will likely open to the public next year.
The public will have to meet various conditions in order to be part of the network, as is the case with WiFi and Bluetooth.
Of course, it’s certainly a bit odd for China to come up with a blockchain when they’re obviously not a fan of crypto. They have already banned Bitcoin (and crypto as a whole) several times, yet they are now coming up with their own blockchain.
Still, it’s interesting, because even though they are thus absolutely not a fan of crypto and decentralization, they still seem to be very big fans of blockchain technology. Not unimportant to mention is that China is also said to be working on a crypto currency to go with the blockchain.
Chances are that we, from other parts of the world, will not be able to participate in China’s blockchain. But of course that doesn’t stop us from participating from other forms of crypto and blockchain, for example through Binance! Through this link, you can own your first Bitcoin within 5 minutes!
