Bitcoin, Cryptocurrency And Blockchain News

Biggest Political Event in China Discusses Blockchain: The World Is Now Paying Attention to Digital Products


It is not always that one would find political events receiving so much interest for technological matters or emerging digital trends. However, this is precisely what happened during the ongoing political even in China that started on March 3rd. The event, dubbed “Two Sessions” comprises China’s main political players; NPC and CPPCC.

“Two Sessions” Meeting With a Difference

The event is expected to show interest in blockchain technology, especially after the buzz that has recently been caused by CEOs of several major Internet firms as well as municipal and provincial representatives.

Being the top legislative arm of the government, the NPC is tasked with proposing policies and making sure they are implemented to the latter while, on the other hand, the CPPCC functions as a consultative forum for lawmakers. As such, its membership comes from political and corporate parties as well as China’s ethnic groups.

Notably, blockchain as a topic is yet to ring a bell among the lawmakers, but now there has been clear excitement and interest in the technology, thanks to the efforts from members of the CPPCC, who saw the need to bring up the topic at both local and international political meetings.

Why Do Applications Matter at This Point in Time?

In September 2017, China is known to have prohibited ICOs as well as fiat-crypto order book trading. However, this does not mean that it cannot step up its support for revolutionizing blockchain technology, so it can be applied to real-life situations.

There are several CEOs of notable Internet firms angling to take up blockchain technology and use it for everyday applications. One of these is Pony Ma, the CEO at Tencent, an Internet giant.

Although the invention of blockchain is [excellent], the key to its future lies largely in actual applications. Meanwhile ICOs remain highly risky. We do not intent to participate in launching our own cryptocurrency.

Ma made these comments in the wake of developments that have been seen in his company in the recent past, where, together with the CEO of Baidu, platforms have been launched that use blockchain as a service to help enable companies seeking to create applications through the technology.