Chinese authorities urge to beware of “empty coins” and launch a blockchain project for “smart cities”
State Media in China Calls Again for “Orderly” Blockchain Innovation and “Staying Rationally” While Facing the Blank Coin Hype.
Primitive partner Davi Wang released two screenshots from the Chinese-controlled China Daily on November 4. The authors of the publication argue that a bright future awaits the blockchain, immediately differentiating from the unwanted sector of virtual currencies.
“Innovation on the blockchain is not equivalent to speculation in virtual currencies. The use of blockchain to generate hype around blank coins should be prevented, they write, adding that the technology is still in its early stages of development in the context of security, standardization and regulatory oversight. “The use of blockchain for storing and distributing illegal information, carrying out illegal transactions, money laundering and similar activities should be strictly suppressed”.
At the same time, the country’s authorities continue to confirm their positive attitude towards technology. According to The Block, citing local media this Monday, China has launched an identification system for smart cities on the blockchain in order to ensure the exchange of data between them..
According to information from the publication, the system was developed by three institutes in Shijiazhuang and will allow the assignment of unique global digital identifiers to such cities throughout the country..
The idea of ”smart cities” in China has been under development since 2012, and their construction began in 2016. According to Deloitte, there were about 500 pilot smart cities in China last year – the largest number worldwide..
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