The death of communist leader Mao Zedong on September 9th of 1976 catapulted the Household Responsibility Systems in China’s Agricultural Reform system. “Let China sleep, for when she wakes she will shake the world,”- (Napoleon Bonaparte). This gave rise to the accessibility for selected individual farmers to ownership of their crop production. The 7.8 % exponential GDP economic growth in the 1980s has completely transformed the influence of the Chinese empire in the global market.
The sleeping giant established more flexible market policies by creating special economic zones. Despite all efforts, inflation was at an all-time high. This ignited economic and social unrest with peaks of over 30% in all major cities. Over a span of 35 years, Chinese GDP growth was less than $300 billion.
The introduction of new economic reforms increased that statistic to $11 trillion. This made China the 2nd largest economy according to global exchange rates.
The introduction of the first stalk market in communist China — the Shanghai Stock Exchange (SSE) and China becoming a member of the World Trade Organisation positioned Chinese yuan to challenge the dominance of the US dollar.
The emergence of Bitcoin in China in the year 2013 was practically nonexistent. Aggravating the situation further, the People’s Bank of China decided to place regulation on the utilization of Bitcoin and alternative cryptocurrency adaptation by financial institutions. This period, however, was short-lived due to an official announcement made by Chinese President Xi Jinping in October of 2019. The race is on, sources reveal that China is surging ahead in efforts to secure its Fintech global status.
China has already outlined crypto legislation laws before the communist party conference suggesting innovative strategies on how the effective use of blockchain technology could reflect positively for the region. The integration of educational courses amongst universities is widespread.
The Ministry of education of the People’s Republic of China has taken upon itself the responsibility to facilitate more updated tools and strategies focused on the general comprehension of cryptocurrency amongst young minds.
There have been developments to consolidate cryptography laws in efforts to regulate innovative emerging technologies in blockchain and cryptocurrency. In rural northeast China, six Bitcoin mining farms have been developed. Combined Satoshis generated by the farms adds up to a total of 4,050 Bitcoins per month, equivalent to $448,916.28 today.
The Liaoning Province is a place of refuge for Bitcoin miners due to its environment. Bitcoin halving, combined with the difficulty of computing power does raise concerns amongst Fintech companies and the crypto mining community. It goes without saying that “Bitcoin will be the currency of the future”. The affinity towards cryptocurrency as a method of exchange and the innovation of blockchain technology is a future the world is moving towards.
Author: Jasmine Leeuw
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