According to a statement, despite the Shanghai government’s proposal appearing out of touch with China’s negative outlook towards cryptocurrencies, the request may meet with President Xi Jinping’s approval.
- Shanghai Government expresses support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. for Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. and to the NFT.
- It indicates that there are very good use cases for non-fungible tokens.
- La solicitud podría contar con el respaldo del presidente chino, Xi Jinping.
- The first licenses may go to large companies in the technology sector.
Despite the Chinese government maintaining a very strict policy against cryptocurrencies and digital assets locally, the government of Shanghai province differs from this stance and recommended exploring the benefits of these technologies for its development, citing especially the sector for trading in NFT.
Gobierno de Shanghái promueve desarrollo de Blockchain and trade of NFT non-fungible tokens (NFTs) are cryptocurrencies that do not possess the property of fungibility.
This was announced by the General Bureau of Printing and Distribution of the Shanghai Municipal People’s Government which published a notice on behalf of the local government inviting businesses in the sector to “to explore building trading platforms based on non-fungible tokens.” . Este hecho marca un precedente importante, ya que la provincia es una de las más representantes en materia económica y tecnológica dentro de la nación asiática.
In addition to the above, the government of Shanghai indicated that the NFT could have many other use cases, including the protection of intellectual property and digital rights.
In this regard, it reads:
“Support leading enterprises to explore the construction of NFT (non-fungible tokens) trading platforms, and research and promote the digitization of NFT and other assets, global digital digital technologies are these electronic tools that have the ability to generate, store or even process data. IP circulation and digital rights protection to be tested in Shanghai”.
It seeks to develop Blockchain business models, focus on the development of open source Blockchain platforms, NFT and other business models, and accelerate the exploration of digital transformation and applications… in the fields of virtual digital assets, artworks, intellectual property and games.”
At the moment it is not very clear if this is part of a plan to take the lead in terms of incorporating new technologies or to open the door to promote a greater number of trade relations at the international level. Analysts hypothesize that these platforms dedicated to the commerce of NFT The only way they can provide their services on this request is locally, so they see it as difficult for this to constitute an open channel for those interested in other latitudes.
China and the underlying technology of cryptocurrencies
As previously mentioned, the Shanghai government’s request is especially striking given the Chinese government’s stance on digital currencies and cryptocurrencies.
Let’s take into account an account is essentially a whose purpose is to track the financial activities of a specific asset/ that in May 2021 China officially banned the trading and use of cryptocurrencies locally, while issuing an executive order against cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. operations within the country. This led to a sharp drop in the price of cryptocurrencies. Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. and major cryptocurrencies at the time, but the situation turned around once market an area or arena, online or offline, in which commercial dealings are conducted. conditions stabilized.
Since then, China’s government has focused on moving forward with the issuance of its CBDC, better known as the digital yuan, a currency currency is a medium of exchange that defines value. already in use in some provinces.
Although the Asian country’s government has not made any pronouncement about the NFT, if you have stated that Blockchain could bring benefits to its operations. Certain lines exposed in the communiqué also show that the announcement of the Shanghai government has the approval of the first Chinese president, Xi Jinping, since it reads:
“Guided by Xi Jinping’s thinking on socialism with Chinese characteristics for a new era, fully implement the spirit of the 19th National Congress of the Communist Party of China and the 19th Plenary Sessions, as well as fully implement the requirements of General Secretary Xi Jinping’s important speech at his Shanghai inspection, we seek to seize new opportunities for global digital development and use data as a key element, with the main line of promoting the deep integration of digital technology and the real economy.”
However, given the secrecy with which China deals with these issues, one of the theses points to the fact that markets NFT could be integrated at first with the main technological platforms in the country, led by companies such as Tencent, Alibaba y Baidu.
- China’s Communist Party newspaper warned Bitcoin could “go to zero”
- Bitcoin mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. survives China’s ban, and only the U.S. beats it
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Version by Angel Di Matteo / DiarioBitcoin
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