Blockchain is crucial for development, as it offers transformative solutions to tackle global problems, including climate change and world poverty. Despite the promising future, the technology itself is still far from mature. This, along with the unregulated nature of blockchain is making the Chinese government nervous. Despite assuring the people that China is prioritising blockchain and will support the technology to develop, the government is actually tightening their regulations, particularly on cryptocurrency.
China is a highly potential market for cryptocurrency, being a home to the world’s biggest community of Bitcoin miners. However, in the past year alone, the country has passed a series of prohibiting regulations that have made it almost impossible for the cryptocurrency industry to thrive. Interestingly, some Chinese entrepreneurs see these strict regulations as an opportunity, and are trying to develop their businesses specifically to help the Chinese audience tap into the potential of investing in cryptocurrencies. Cointelegraph interviewed Yi Lu, one of the founders of media company SV Insight, and Xiahong Lin, founder of Blockchain prediction market platform Bodhi, to get their insights.
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