How Chinese Blockchain Ambitions could Unseat the U.S. Dollar

April 15, 2019

Although the United States is currently at the forefront of exploring blockchain technology, it nevertheless remains primarily at the discussion stage in terms of commercial applications.

Meanwhile, China has underscored the importance of blockchain development to such an extent that it has become part of the government’s national strategy, as well as a potential area of contention as the two superpowers increasingly vie for global leadership.

The Communist Party of China (CPC) reportedly intends to establish a digital currency capable of rivalling and eventually replacing the longstanding dollar trading system, in a direct challenge to U.S. global financial dominance.

With the U.S. dollar dominating world markets, the United States holds a uniquely powerful position, able to obtain information on transactions while monitoring the flow of funds and, if necessary, impose financial sanctions with relative ease on foreign individuals or entities.

The dollar trading system nevertheless requires a dedicated network of banks and is both expensive and time-consuming in ways that global peer-to-peer (P2P) crypto-based networks can potentially compensate for. If a government with a sufficiently large economy were to successfully formulate a viable strategy for establishing a global cryptocurrency trading system, the ramifications could upset the status quo of American hegemony.

Blockchain technology has become an integral component of the CPC’s development. With government backing, various organizations have been established to promote the technology, with industry giants and blockchain startups joining the effort.

As stated in a headline on China’s Sina.com news portal, “For Americans, blockchain is a technology or a philosophical practice. But for Chinese, blockchain is an opportunity for China to change lanes and surpass competitors.”

Source: https://www.theepochtimes.com

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

 

Related Article
PROVENANCE SUMMIT
Coming back for its second year, the annual global blockchain product development conference will be...

October 11, 2019

Thailand Blockchain Landscape Report: The 5 Features of a Must-Read Industry Resource
Published by ABR in its efforts to build a technological foundation for blockchain in the region, th...

October 11, 2019

Token News to Host Conference on Trading, Investment and Finance in November
Token News PH Consultancy, Inc., a leading start-up in the field of blockchain technology, will host...

October 11, 2019

Five Features of the Essential Vietnam Blockchain Landscape Report
Asia Blockchain Review is poised to release its much-anticipated Vietnam Blockchain Landscape Report...

October 8, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us