CHINESE REGULATOR WARNS AGAINST “MYTHOLOGIZING” BLOCKCHAIN

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CHINESE REGULATOR WARNS AGAINST “MYTHOLOGIZING” BLOCKCHAIN

The head of the international department of the China Banking and Insurance Regulatory Commission has warned against “mythologizingblockchain technology, news outlet South China Morning Post reported July 9. Speaking at the 5th Fintech Bund Summit in Shanghai on July 8, Fan Wenzhong argued that although blockchain is “an innovation with significant meaning,” it is a disservice to “mythologize” the technology. Fan reportedly said that it is difficult to admit blockchain as a “revolution,” because the idea of multi-entry bookkeeping has been circulating for hundreds of years. Fan stated that “decentralization is not a new trend but a loop, because the earliest human transactions were without central authorities.” Fan reiterated the government position on cryptocurrencies. Reed more on the website – Cointelegraph.

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