The Future of Cryptocurrency in China and Its Relation to NEO
Hello. This post is not official news. It is a personal comment produced in line with recent news.. I wanted to translate this article, which I saw on Steemit and caught my attention, and convey it to you.. I hope you’re interested.
NEO’s founder, Da Hongfei, was recently invited to a blockchain conference organized by the Chinese government.
The event, called “Trusted Blockchain Conference 2017”, was held in China.
At this event, China presented its detailed plan to create a trusted blockchain that it can implement in its own economy.
Launched by NEO and later a deleted tweet:
“NEO will partner with Chinese authorities to consolidate real-world assets and smart contracts”
Compared to other states, China is both technology and blockchain raises the flag to standardize. They want to take advantage of blockchain, so to speak, by installing it in their own economies.. A research team founded by the People’s Bank of China in 2014 is said to have finished trial tests of a prototype cryptocurrency for use in the Chinese economy.. Considering China’s recent sanctions on ICOs and cryptocurrency exchanges, these claims don’t sound ridiculous.
China has already embraced online and digital payments.. For this reason, it is plausible for the People’s Bank of China to consider transitioning to a more advanced digital payment system.. Instead of using fiat money to buy soft drinks, Chinese citizens have vending machines scan codes on their phones.. This example alone proves that China’s transition to cryptocurrency is not that difficult.
A Chinese citizen who bought something using a barcode scanner:
China is moving pretty quickly to introduce, legalize and standardize a digital currency into its economy. This digital currency will also be using blockchain technology. So does this mean that NEO has a role to play in the changes taking place in China? I think so!
One of the things we have to keep in mind is that NEO is pro-government, and it’s often stated.. While many think that China’s sanctions will negatively affect the cryptocurrency market, the NEO team thinks that these regulations are important for the development of cryptocurrencies.
Do you still not believe that China and NEO are working together? So here’s what Da Hongfei said in a recent interview on CNBC Africa:
“The government loves our technology and the way we handle things.. LEGAL REGULATIONS ARE NOT A PROBLEM FOR US.”
Conclusion: Neo and the Chinese Government’s Future Plan
The People’s Bank of China has announced that it is forbidden to raise funds through ICO within the country and will close the stock markets.
Behind the scenes, I believe that the People’s Bank of China and China will take advantage of the cryptocurrency market and open a large exchange of their own and hold ICOs that way.
Cryptocurrency exchanges , they make huge profits with the transaction fees they receive from the transactions made.. It is logical that the People’s Bank of China and the Chinese government want a slice of the pie for themselves.
In line with the recent news and events, I think that China will use NEO as a platform in its new big blockchain ecosystem.. Considering the deleted tweet shown above, this deal has already been made.
If NEO announces that it’s working with the Chinese government and People’s Bank of China, the price of NEO will skyrocket.. NEO’s future is very bright, and its technologies using the anti-quantum cryptocurrency mechanism is the future.
Quantum computing represents the future of technology.. The fact that NEO is aware of this and has plans for it makes me believe more in their technology.
In the photo below you can see the NEO team and the Chinese government at the “Trusted Blockchain Event”:
More evidence that China wants to create its own stock market and cryptocurrency
Chinese government and economy are relentless. They are leaders in many industries around the world, and the United States owes China $1,102 trillion. The only way this debt can be paid off is if China creates and controls its own global currency, ending the reign of the American dollar.
For over 70 years, since 1944, the US dollar has been the world’s ‘default’. in the money position. The average life span of an official coin throughout history is 27 years.. Every 30-40 years, the currency that reigns in the world loses its reign and is renewed. The dollar was last replenished in 1971 when Nixon banned the conversion of the dollar to gold.. That was more than 45 years ago. Think about this for a moment.
Anyone with a basic understanding of economics and following our current monetary system is aware that the current system is entirely based on debt and inflation.. This system will eventually fail and collapse.
Is China behind the world in cryptocurrencies, as in many technologies and industries? Will they lead the world in introducing cryptocurrencies into economies? We will wait and see.
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