Today 18 November 2019, a prominent Chinese television, CCTV, has alerted the public domain on some blockchain-linked scam.
As aired on the station, during a prime-time program ‘Focus Talk,’ there around 566 legal judgment documents that are blockchain-related in China alone, and a large number of them are linked with cryptocurrency.
On the program, different forms of scams fraudulently disguising as blockchain were shown. The presenter documented a large number of illegal projects paraded as legal blockchain ideas to scam unsuspecting populace. The program explained scam coins and trash coins to keep viewers abreast of different blockchain-related scams.
As China continues to lead the blockchain revolution, the country has been spreading the narrative of ‘blockchain not cryptocurrency’ to affirm it is not in support of any cryptocurrency idea aside from the Central Bank Digital currency it is launching any time from now.
Although China’s decision to lead the blockchain revolution has started gaining fruition across the world as businesses and governments look up to adopting blockchain technology, the territory still has not received cryptocurrency with an open mind.
As China campaigns for the adoption of the underlying technology behind cryptocurrency i.e. blockchain technology, the most populous country is not in any way in support of anything cryptocurrency. This has reflected in the statement of those involved in the adoption of blockchain technology in the country.
Dovey Wan, one of China’s prominent personality in the cryptocurrency space, has since been of the opinion that her country’s support for blockchain technology should not be misconstrued for cryptocurrency adoption. This, she said when the President of China, Xi Jinping declared support for blockchain.
“It’s pretty clear to me China has no intent to embrace any public open cryptocurrency at all and that’s why it’s always a Blockchain Not Bitcoin narrative,” Dovey said earlier today.
It’s pretty clear to me China has no intent to embrace any public open cryptocurrency at all and that’s why it’s always a Blockchain Not Bitcoin narrative
And down the road a nationalization of related cryptocurrency infrastructure is inevitable (asic, mining, trading)
— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) November 18, 2019
After the President’s support for blockchain technology, provinces across the country started looking for ways to adopt cryptocurrency, to the extent that political parties in the country are kick-starting crypto education.
Global Times reported that China’s military personnel are on the verge of implementing a blockchain rewards system to manage information of its personnel and also incentivize its workforce. The new publication cited a daily report by the People’s Liberation Army (PLA).