A survey by the Chinese internet giant Tencent revealed that the country’s top economists are divided on the future of blockchain and cryptocurrency in the country, according to a recent report by local news outlet Jiemian.
Tencent’s Financial Science and Technology Think Tank conducted the questionnaire survey and as many as 100 chief economists from banks, research institutions, and universities took part in it.
Asia Trading Summit – The Leading Investment Event in China
According to the report, most of the questions revolved around the Chinese government’s monetary policy for 2019 along with the impact of various factors on the economy such as yuan’s future volatility, the stock market, and aging population.
The result of the survey attracted the attention of Chinese market watchers as there are stark disagreements in six areas including blockchain.
The survey shows that 51 percent of the respondents support the idea of a centralized bank digital currency (CBDC) issued by Bejing. However, 40 percent of the economists are against any such prospect.
When it comes to the blockchain technology as a whole, the economists are divided into three major groups – 33 percent in favor of the technology, 32 percent holding a neutral ground, while 19 percent are unenthused about the technology.
The Complicated Relationship of China and Crypto
China, once the largest crypto trading market, saw an overnight eradication of the entire industry in late 2017, as the authoritarian government ordered a blanket ban initial coin offerings (ICO) and the cryptocurrency exchanges. Though a few crypto activities like mining were still legal, the government’s unpredictable fury towards the sector forced many players to set up their camp outside the country.
However, the scene is entirely different when it comes to the blockchain technology as many top officials including President Xi Jinping endorsed it.
In addition, the People’s Bank of China (PBoC), the country’s central bank is also exploring the idea of issuing its own centralized digital currency, as reported by Finance Magnates earlier.