Chinese experts discussed the lack of a national public blockchain for stablecoin issuance, highlighting the need for an independent financial infrastructure.
Experts Call for National Blockchain in China
On August 2, insiders highlighted the lack of a globally influential public blockchain in China. They emphasize the need for developing a self-reliant financial infrastructure amid stablecoin policy discussions. The need for increased investment in public blockchains could ensure a safe financial system for the digital era.
Political Risks of Using US Blockchain Infrastructure
Community reactions underscore the potential political risks associated with reliance on American blockchain infrastructure. Market voices stress the importance of developing an autonomous system to prevent future geopolitical conflicts that could affect cross-border operations.
China's Blockchain Strategy and Stablecoins
Recent regulatory changes include attempts by China to control the blockchain space, including a comprehensive ban on public blockchain activities within China in 2021. The growing significance of a national blockchain could facilitate safer participation in digital finance and ensure alignment of technological infrastructure with national security interests.
Thus, the establishment of a national blockchain in China could positively impact the economy and strengthen the financial security of the country amid global uncertainty.
