RATE Group | Is it Possible for China to Pursue Blockchain Innovation With Crypto Ban?
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Is it Possible for China to Pursue Blockchain Innovation With Crypto Ban?

05 Sep Is it Possible for China to Pursue Blockchain Innovation With Crypto Ban?

Posted at 08:43h in Cryptocurrency News by

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xi jinping

Over the past two weeks, the government of China has effectively banned everything related to crypto trading and investment including news sites, social media accounts, events, and exchanges.

Subsequent to putting an end to virtually all communication and investment channels related to the cryptocurrency market, China has said that it will continue to accelerate blockchain development, doubling down on its $3 billion investment in the technology since the second quarter of 2018.

Centralized Blockchain Networks

Every public blockchain network is equipped with its own native cryptocurrency because every individual on the network has to be incentivized to run an operation, whether that is to mine blocks, develop blockchain-related solutions, and process transactions on the mainnet.

The blockchain can operate without a central authority because of its unique incentivization system that discourages anyone on the network to conduct an activity that does not satisfy one’s…

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