With the change of time, technology also changes, and it holds much valid in the case of blockchain technology, which is growing gradually in different fields. Among the top countries where this technology is developed and used, China’s name is on top of the list. The Chinese government is making good progress in blockchain technology. However, they need to do more so that blockchains can get traction at an international level, according to Ethereum co-founder Vitalik Buterin.
He said that the efforts of the Chinese government would no doubt help the blockchain within the country. However, at the international level, something more is needed as other countries may not trust the private blockchains.
He said that China needs to work more on public blockchains in the future, and they can follow the steps of BSN international. He added that consortium blockchains are becoming popular as they can be scaled to any level, and they offer good security. However, public blockchains will surpass the safety of consortium blockchains in the future.
Talking about BSN, he said that it was too early to decide anything on the project, and they will wait and watch the kind of networks built in the future to assess the advantages of the project. He added that many people jumped into conclusions and made mistakes with Libra, which should not happen with BSN.
According to market experts, China is all set to introduce its own digital currency, and this will be an excellent move for the crypto industry in the country. They plan to make the digital Yuan as a replacement for the USD in the international market in the future. Even though this is far stretched at the moment, it is still a positive sign that the government is working in this direction. It will at least boost the prospects of digital assets within the country.
The boom for digital payments started long back in China, and it has so far replaced most of the cash transactions. In this regard, the government has done an excellent job, and this will bring more transparency into the system. The security issues with regards to cryptocurrencies need to be addressed, and this can bring in more participation from retail investors in the long run. When people feel that their assets are recognized as secure assets by governments, they will feel comfortable to hold such assets.