China is suddenly bullish on blockchain technology. It has overloaded the cryptocurrency industry with praise over the past few months. The government has also led multi-billion dollar investments in blockchain projects with the vision of commercializing blockchain technology in the near future.
Blockchain is Better Than the Internet
CCTV, AKA China Central Television, a state TV channel controlled by the government, released an hour-long report covering blockchain technology and cryptocurrency, featuring various topics including blockchain fraud, emerging projects, and the cryptocurrency sector.
Towards the end of the report, CCTV, whose content is directly controlled by the local authorities, boldly stated:
Blockchain is the second era of the Internet. The value of blockchain is 10 times that of the Internet. Blockchain is the machine that produces trust.
CCTV’s report on blockchain came as a surprise to both local investors and international viewers, as CCTV had been the first media outlet to harshly criticize Bitcoin and condemn the global cryptocurrency market in September 2017, when the Chinese government effectively banned cryptocurrency trading.
CCTV’s optimistic forecast on the long-term development and commercialization of blockchains was released less than a month after the State Council of China ordered local financial authorities to speed up
Categories: Crypto Currency Portal