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PBoC Emphasizes the Importance of Blockchain Adoption in Commercial Banks

30 October 2019 12:04, UTC
PBoC Emphasizes the Importance of Blockchain Adoption in Commercial Banks

Li WEI, the head of the technology department in the People’s Bank of China has emphasized the importance of adopting digital finance in the country’s commercial banks. The statement was made during a conference in Shanghai where he was talking about the potential of China’s involvement in the blockchain technology as it could promote the ideals of the state and help better manage upcoming issues.

It’s obvious that this announcement from Mr. Li was a direct follow-up to President Xi’s statement during a politburo meeting last week. President Xi also emphasized the importance of the blockchain and requested that development be sped up.

Most experts attribute China’s focus on the blockchain as a direct measure to counter Facebook’s Libra as well as any Western tech influence, but there are analysts in Australia that claim that the digitalization of their economy is a measure to keep the funds inside of China at all costs.

According to representatives from Casinos-australia.net, China’s digitalization of the economy will be a deadly blow to all non-licensed gambling operators as well as syndicates that assists wealthy mainlanders to flee China and receive citizenship in foreign nations. This is especially relevant for Australia and Canada.

Overall though, since President Xi had already made the statement, it will be very hard for commercial banks not to follow the emphasis. Therefore, we may soon see a fully digitalized massive economy.



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