A week ago, President Xi of China has urged the Chinese to seize opportunities in the crypto market and blockchain industry. The announcement caught the market by surprise and drive the price of Bitcoin up until $10, 000. I personally believe that with the participation of Chinese, it is undoubtedly that the adoption rate would be greatly increased. But, wouldn't it subject the Chinese projects to be under the influence of Communist Party of China? What are your thoughts on this one?
They mention blockchain but not Bitcoin. This is not "adoption", you can make plenty of garbage projects using "a blockchain".
If they make a State backed central fiat like cryptocoin, it won't make any difference to Yuans. Its perhaps worse than those. Its actually a disturbing trend, the complete opposite to Bitcoin's freedom.
Hopefully, when "studying the subject" some more people will inevitable learn about Bitcoin and the freedom it grants, so it may indirectly subvert a bit the state oppression, if only the people learn there is this money out there controlled by no one...
Just imagine the day the money and State become separate, but not controlled by 4 banks as in Hong Kong...