China Strategy Towards Blockchain Technology

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Babel Finance is well known financial institutions in the world and it is the largest financial service provider in China. The company works with crypto mining companies, fund the emerging industry and products including crypto backed loans, deposit services, margin trading and derivatives. The company is gaining a reputation in China and across the world for its balanced approach toward crypto. The financial institution has issued more than $300 million dollars in crypto backed loans with a balance of more than $300 million outstanding. Its founder Mr. Yang and its co-founder Mr. Del Wang both previously worked in the domain of microfinance before they tried their luck in the crypto.

Mr. Yang, from the start had an entrepreneur spirit as the first firm he had founded was the Standard Financial Inclusion. The institution provided financial service to the marginalized and the unbanked. Speaking via an email response, Mr. Yang cleared the thoughts about what the last year had been for the crypto industry, how the future will look like if the proper policies were to be implemented and also told what should the president of China should do, in order to see crypto in a good light. The reason why Mr. Yang wants the government to undertake such action and implement such polices that will favor the introduction of the blockchain, is that he knows the benefits of Crypto and the blockchain will have on the world of finance and other sector.  According to the founder of Babel Finance, two incidents had clearly stood out in the year gone by. The first was the event that is related to Facebook. Facebook had made sensational headlines when, they told the world they were interested in the Crypto’s and soon after the announcement, its pet project got the initial announcement from the department of Facebook. The social media giant introduced the patent Libra Cryptocurrency which according to the company official will be beneficial to the public at large. The second event that left an impression was China’s push towards introducing crypto’s into the national framework.

Image Source: miro.medium.com

These two above mentioned developments in the world of finance and technology helped to uncover the relationship that existed between blockchain and currency development. Libra drew the attention of the general public towards blockchain and crypto’s and brought the field into the limelight. The President of China also made a huge difference when he stressed the importance of blockchain technology will have on the various fields. This changed the approach or the stance the country had and rapidly fast tracked the development of its fiat digital currency program. There was another reason for this speedy development. The reason was Libra was challenging the fiat currency of China which is renminbi(RMB). Libra and the Cryptocurrency will not have an easy road ahead, as the technology is still under developments and there have been instances where criminals are using the digital form of payment to run their operation. But there has to be a start of every technology and hopefully the technology will develop into  mature, well evolving technology, that will help generate attract more resources and people into the industry which will in turn boost the market in the long term.

Image Source: encrypted-tbn0.gstatic.com

According to the founder of the start up, the aim of China is not give priority to the blockchain but to bolster its fiat currency which is the Chinese Renminbi. The reason for this is to give, its local currency the global stature and recognition it deserves. This indeed is a round way approach that the government has applied to get the things that it wants.

Source: CoinDesk


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