Will the Centralized Blockchain Model Proposed by the PBoC Be Applicable Outside of China?

Friends, to no one’s surprise the Peoples Bank of China (PBoC) has strongly advocated a highly centralized approach to BlockChain implementation. The PBoC digital currency research institute leader Yao Qian believes that is impossible to exercise decentralized, informal Blockchain governance on a scale befitting the world’s 2^nd largest economy and the world’s most populous nation. His solution is for the Blockchain to have a central governor. Yao seeks the benefits of distributed ledger technology (DLT) while maintaining a centralized governance structure. In addition, Wang Pengjie, from the Chinese People’s Political Consultative Conference (CPPCC), suggests that the PBOC and the China Securities Regulatory Commission (CSRC) should create a Blockchain and digital asset management “approval system,” as well as raised the possibility of establishing a digital asset trading platform at a national level. Bottom line: Given the vast advantages Blockchain offers will a heavily centralized and controlled ecosystem for this technology thwart or facilitate its growth and benefits for the PRC? A secondary question concerns whether such a model is viable outside the PRC’s centrally planned economy and financial system. Send us your comments today. Lawrence, CryptocurrencyAcademy (https://cryptocurrencyacademy.blogspot.com)