Published on July 10th, 2018 | by bitcoin0
Chinese regulator warns against mythologizing blockchain
Speaking at the 5th Fintech Bund Summit in Shanghai on July 8, Fan Wenzhong argued that although blockchain is “an innovation with significant meaning,” it is a disservice to “mythologize” the technology.
Fan reportedly said that it is difficult to admit blockchain as a “revolution,” because the idea of multi-entry bookkeeping has been circulating for hundreds of years.
In May, a Chinese government analysis revealed that the average lifespan of a blockchain project is 1.22 years and only eight percent of blockchain projects launched are still alive.
Despite the gloomy analysis, China’s president Xi Jinping praised blockchain, calling it “part of technological revolution”.
Xi said: “Since the 21st century began, global scientific and technological innovation has entered an unprecedented period of intensive activity.