China Missed Their Crypto Opportunity: Fear Not, There Are More Cryptos Out There!
There seems to be a never-ending debate on whether blockchain and cryptocurrencies, like Bitcoin, are the future of finance or a bubble waiting to pop. But for now, Chinese economist, Tu Guangshao, is asking China’s government to reconsider their strict ban on cryptocurrencies, otherwise their economy may miss out on the technology opportunities of cryptocurrencies.
What Did Tu Guangshao Say?
Tu Guangshao, a former vice chairperson of China’s state planner, the National Development and Reform Commission, recently released a document recommending ‘gradual development’ of cryptocurrencies and blockchain technologies in China.
In the report, Tu Guangshao warned of missing out on new avenues of technological development, stating that other countries will “take the initiative to issue digital currencies, and China’s voice and influence will be relatively small in the formulation of international standards.”
What Are the Pros and Cons of Crypto?
Cryptocurrencies provide users with innovative platforms to jumpstart their businesses, as well as providing a safe and secure way to exchange money (no need for a third-party such as a bank). But of course, as with any new technology there are also potential risks involved, such as cybersecurity and potential fraud.
China, Time to Get On the Crypto Train!
With the potential opportunities of blockchain technology, it’s time for China to stop hanging back when it comes to crypto and start finding ways to make their economy more open to crypto and blockchain. After all, there’s no harm in giving it a try!
Wrapping It Up…
To summarize, Chinese economist Tu Guangshao has urged the government to reconsider their ban on cryptocurrencies, to take advantage of the technological advances they bring. So don’t be left behind, China! There are plenty of Cryptocurrencies out there and it’s time to get on board!
