China top cryptocurrency
The Chinese government is developing a digital currency that will be pegged to its currency, the Renminbi. However, once it was realized that Bitcoin had an equivalent fiat currency value, it caught on over the next few years as the cryptocurrency gathered attention and value. Early cryptocurrency investors began to see digital returns, and popularity began to spread. China was among the earliest countries to enthusiastically embrace cryptocurrencies.
In , its first cryptocurrency exchange, BTC China, began trading. Large-scale cryptocurrency mining operations began setting up shortly thereafter. Large-scale mining operations were centralized in China because of the relatively cheap electricity, attractive to miners due to the large amounts of energy required. By , the emerging industry in China welcomed Bitmain, one of the first cryptocurrency mining equipment manufacturers and mining pool operators.
At one time, it was responsible for most of the Bitcoin mining operations globally and ran the largest mining pool. Bitmain also became a leading manufacturer of application-specific integrated circuit ASIC mining equipment. Cryptocurrency mining, as an industry, continued to grow throughout and Digital currency grew in popularity as people's interest in anonymity and value growth increased.
The Chinese government began addressing growing concerns about cryptocurrencies replacing its fiat currency by banning initial coin offerings ICOs in In May , the State Council announced further crackdowns on bitcoin mining in China. It continued a steady decline until June , when all mining stopped in China. China's ban on initial coin offerings stems from the government's belief that they are generally an illegal method of raising public funds for criminal activities.
Following the complete ban on cryptocurrency, the operators of cryptocurrency exchange Huobi Global closed its doors to new users in mainland China in September It also began retiring all existing accounts through December Library of Congress officially recognized an absolute cryptocurrency ban in China in its November cryptocurrency update.
The BSN explicitly formulates the differences between two blockchain frameworks: permissionless — decentralised and transparent — and permissioned, in which all attributes are formulated by the owner. In concrete terms, the Chinese government is promoting a specific type of blockchain and cryptocurrency that is not open or fully decentralised. Intervention including government intervention can be exercised in case of emergency.
If needed, data can be rolled back and transactions can be reversed. In extreme situations, the system can be shut down. The Chinese government is reshaping blockchain to such an extent that some may wonder if this technology can still be called blockchain. Beijing insists on using this term, which is already generating confusion and misunderstanding. First, in the banking sector, China has begun to test its potential at local level in the last few years, with the ultimate aims being to facilitate cross-border transactions and to make digital payments more secure In March , the government also developed a blockchain cross-border financing pilot platform, initially covering 19 provinces, which aims to improve transaction security and lower costs Second, the central government sees blockchain as a key pillar of the smart city infrastructures that are currently being built across China and as able to support a broad number of activities including road network management, public health, energy generation, communication, food safety and environmental pollution reduction.
The government has also designed a blockchain-based identification system for smart cities to solve problems of data and application interoperability between them. Xi Jinping has urged that blockchain technology be integrated with other technologies used in urban environments, including artificial intelligence, big data and the Internet of Things The government considers that 5G deployment could also benefit from the integration and security provided by blockchain technology.
There are various ways in which these technologies support one another. For instance, a blockchain may be used to store large amounts of data that has aggregated rapidly thanks to the increased speed afforded by 5G technology. Already, blockchain-based cloud servers were used to store encrypted personal information during the Covid crisis Third, the Chinese government has leveraged the traceability and immutability offered by blockchain technology in the field of policing.
Blockchain has already been used to verify and preserve electronic evidence 17 , as well as store evidence collected during police investigations Fourth, the Chinese government has explored the use of blockchain for the dissemination of information and, in some instances, propaganda. For instance, blockchain-based platforms were used for the diffusion of official daily updates during the Covid pandemic to ensure that the information provided was tamper-proof The pandemic crisis provided a fertile testing ground for the expansion of blockchain applications: in only 2 weeks, over 20 applications based on blockchain were launched, including technology for online consultations and secure management of health records, a mini-programme on WeChat that can generate QR codes to enable residents to enter gated communities or the Alipay information platform to manage, allocate and donate relief supplies Fifth, the government is also exploring the use of blockchain to facilitate the management of government data and human resources.
In law enforcement and intelligence units, blockchain technology is already in use to prevent distortion or leaks Finally, the government is already using blockchain to gather evidence against dissidents online. For instance, blockchain-based platforms have been used to gather evidence on those defaming Chinese revolutionary martyrs via online platforms Blockchain could also be used to ensure that data in the social credit system is always accessible and cannot be changed by unauthorised actors.
All these developments underline two trends. First, the Chinese government is currently testing all possible applications of blockchain technology on its territory. This comprehensive testing provides Beijing with a comparative advantage over countries that anticipate potential applications but that are not yet testing them on the ground.
Second, some of the blockchain applications tested by the government are shaped to support the one-party system and its surveillance and control functions. Beijing is developing a specific type of blockchain that is not only adapted to the authoritarian political system, but also has the capacity to strengthen it in some areas, such as policing and clamping down on dissent. China has historically been very active in both bitcoin mining and bitcoin trading, but the government has grown increasingly suspicious of bitcoin trading since , and since it has introduced a series of regulatory measures to crack down on activities related to cryptocurrencies to insulate the financial system from the risks associated with them This is in part because of the affordable price of electricity in China — cryptocurrency mining requires a lot of electricity, with powerful computers running non-stop.
But this state of affairs may evolve rapidly. The Chinese authorities are likely to step up surveillance of bitcoin and the cryptocurrency market as a whole in the coming years. The digital yuan, officially known as the digital currency electronic payment DCEP , is envisaged as a central bank digital currency CBDC and has the same legal status as the regular yuan, with its value tied to it A CBDC echoes some of the features of bitcoin, as it enables consumers to use computerised code as money.
However, this computer code is created and controlled by the central bank — not anonymous bitcoin miners. Other countries, including European ones — Sweden, for instance 29 — are in the process of exploring or developing their own CBDC, but they are behind China, which has already become the first country to test its digital currency.
A nationwide roll-out of the virtual currency is expected in time for the Winter Olympics in Beijing in February , but this timeframe has yet to be confirmed. Although many details about its implementation are not yet clear, DCEP is expected to replace only part of the cash in circulation. Current channels of money supply will not be altered in the short term. According to the regulation of the Cyberspace Administration of China, the banks and electronic payment companies that will distribute the new digital currency already require users to authenticate their real names as well as national identification card numbers, and the central bank will be able to view data on transactions China's international ambitions Several developments described above may have international repercussions, as Beijing has placed blockchain on its diplomatic agenda since and promoted cooperation in the field through existing forums.
In a context of intensifying trade tensions and technological rivalry between Washington and Beijing, blacklisting is likely to spill over to blockchain, further fragmenting the blockchain industry, which has emerged in a rather disparate way. Many applications of blockchain urban governance, logistics, supply chain management, customs and cross-border trade could be hindered because of interoperability concerns Blockchain: geopolitical, industrial and normative implications Beijing has strengthened research capabilities in the field of blockchain over the last 5 years in part with the aim of shaping blockchain standards.
China leads the international research group on the Internet of Things and blockchain standardisation, created in While the BSN is largely driven by economic and commercial concerns, it certainly has geopolitical ramifications. First, the BSN is envisaged as an international project, and as a network used to operate different types of blockchain applications. So far, the overwhelming majority of nodes are located within China more than ; there are eight overseas city nodes, distributed over six continents Second, although the BSN allows organisations to establish their own nodes, at the top of the pyramid it will be managed by a consortium formed by Chinese companies and a state government agency.
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