China Wants Blockchain, but Not Bitcoin

November 14, 2019 | BY

Vincent Chow

Blockchain and cryptocurrencies are often discussed in the same breath, but China is keen to differentiate the two

Blockchain and cryptocurrency are dominating headlines in China after President Xi Jinping declared his backing of blockchain technology. However, although blockchain underpins cryptocurrencies such as Bitcoin, the two are distinct – their differences crucial to understanding China's blockchain strategy.

The underlying technology of blockchain, an immutable and extremely secure chain of digital information, has been compared to nuclear weapons and computers in terms of its transformative potential. Unsurprisingly, governments around the world are eager to bolster their blockchain capabilities, and China is no exception.

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