The current honorary academic adviser of the Asian Block-chain institute and former vice president of the famous North American investment banking giant JPMorgan Chase, Pang Huadong, stated that the block-chain could be the key to averting the next global financial crisis according to a China economic times report. Pang Huadong was in the thick of things when the last 2008 recession struck while working at global investing giants JPMorgan chase. He further stated that his experience while there during the crash a decade ago has led him to believe that the block-chain was the ticket out of a similar impending crisis if the words of certain financial commentators and speculators are taken as accurate.
He also revealed the mindboggling numbers that further precipitated the crash in 2008 stating that losses of about 300 million dollars’ worth of assets occurred on average daily. Complimentary words from financial giants towards the block-chain have been hard to come by, but Huadong is of the opinion that though the block-chain is still in its infancy, its growth prospects of the future are without a ceiling. He highlighted the blockchain’s transparent systems that lacked intermediaries as a key reason why the block-chain could use its powers to put global financial risks at bay while also establishing trust mechanisms at lower costs than ever before.
Though the government of China has been tough on decentralized crypto-currencies causing a bit of a slump in crypto markets, it hasn’t halted the blockchain’s slow but steady growth, with various academic, political and financial sector public figures endorsing it. The president of China Xi Jinping, surprisingly also heaped praise on the block-chain and spoke of it’s potential in glittering words. More news from China includes the Chinese Science and Technology ministry reporting that it would spearhead an international study group that will look into the internet of things (IoT) as well block-chain technology.
Just recently the city of Nanjing, which also represents one province in China, announced the launch of a block bill investment kitty worth 1.5 billion dollars which translates to 10 billion Yuan in conjunction with the Zhongguancun block-chain industry alliance who are based in Beijing. The announcement was made at the inaugural industrial public chain summit (IPCS) where both the deputy secretary of the Chinese communist party, Luo Qun, and other representatives of the government’s research institutes were in attendance.
China seems to be finally warming up to crypto-currencies with the people’s bank of China (PBOC) having registered several patents for a block-chain based system to check digital wallets. In addition, the deputy director of China’s IT ministry called for a combined effort to foster block-chain as a core technology for the development of the new digital economy.
