China Blockchain Government Thinking

Chinese government sees blockchain technology as the infrastructure for future society. They are serious to take a lead in the technology. Currently, there are five major public chains, which are all founded by western teams. Therefore, it's highly likely that Chinese government is going to back certain Chinese project.

From a hindsight, Chinese government as a whole regards the banning of ICO a mistake. BOC, which has executed the banning has cut its own way of undoing it. Other related government agencies are learning to find out a way to restore and regulate blockchain industry and ICO. Sandbox might be their solution.

Much high-level academia also is correcting government's notion of bitcoin. Most sovereign governments regard cryptocurrencies as the challenge to its fiat currency. But it is more accurate to compare bitcoin to gold than an fiat currency. Therefore, there is no need to fear or restrain bitcoin.

More signs could be find that Chinese government's restriction on ICO projects are lifting up. One example is the increasing number of blockchain events, meetups that openly talks about ICO, and projects which have suspended ICO restarted. We are going to see a flood of shitty ICO scams. But we will definitely see more and more legitimate and working Dapps or blockchains emerge.