{"id":5068,"date":"2020-02-14T14:40:21","date_gmt":"2020-02-14T14:40:21","guid":{"rendered":"https:\/\/www.newmoneyreview.com\/?p=5068"},"modified":"2020-02-27T17:34:24","modified_gmt":"2020-02-27T17:34:24","slug":"chinas-blockchain-for-whose-benefit","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2020\/02\/14\/chinas-blockchain-for-whose-benefit\/","title":{"rendered":"China\u2019s blockchain\u2014for whose benefit?"},"content":{"rendered":"<p>Everyone outside the country is expecting <a href=\"http:\/\/beta.newmoneyreview.com\/index.php\/2020\/01\/23\/all-eyes-on-china-in-digital-currency-race\/\">the arrival of China\u2019s new sovereign digital currency<\/a>. President Xi has <a href=\"https:\/\/www.coindesk.com\/president-xi-says-china-should-seize-opportunity-to-adopt-blockchain\">recently been singing the praises of blockchain technology<\/a>, the infrastructure for the new money.<\/p>\n<p>But how the story of China\u2019s blockchain plays out is likely to depend on internal political struggles, says Scott Weatherill, our guest on the latest episode of the <em><a href=\"https:\/\/blubrry.com\/newmoneyreview\/55630985\/what-is-money-laundering\/\">New Money Review podcast<\/a>.<\/em><\/p>\n<p>According to Weatherill, chief risk manager, Japan for cryptocurrency market maker B2C2, the version that\u2019s about to be introduced for China\u2019s 1.4 billion people should be seen as part of a new anti-corruption drive by Xi.<\/p>\n<p>That\u2019s because the new blockchain will enable the state to supervise every single financial transaction in the country.<\/p>\n<p>\u201cThis is all coming from Xi\u2019s push to enact very difficult reforms that are going to cost a lot of elites in China a lot of money,\u201d Weatherill says.<\/p>\n<p>Beijing knows what it has to do to rebalance the economy, says our interviewee\u2014it needs to move the country away from too heavy a reliance on investment and get ballooning internal debts under control.<\/p>\n<p>The central authorities might also reap a political dividend.<\/p>\n<p>\u201cThe idea is transfer wealth from local governments and local elites back to blue collar workers and the poorest people,\u201d Weatherill says.<\/p>\n<p>But Xi is facing political obstacles.<\/p>\n<p>\u201cWhy can\u2019t they do it? Because there are vested interests throughout the various layers in the state-owned enterprises in China\u2019s state capitalist system,\u201d Weatherill says.<\/p>\n<p>The discussion then moves on to cryptocurrencies\u2019 role in helping capital move out of China, bitcoin\u2019s liquidity and market prospects for 2020.<\/p>\n<p>********<\/p>\n<p><em>To hear more, <a href=\"https:\/\/blubrry.com\/newmoneyreview\/56025231\/chinas-blockchain-for-whose-benefit\/\">click here<\/a><\/em><\/p>\n<p><em>Don\u2019t miss any more New Money Review content:\u00a0<a href=\"http:\/\/eepurl.com\/du6eTr\"><strong>sign up here<\/strong><\/a> for our\u00a0newsletter<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Everyone outside the country is expecting the arrival of China\u2019s new sovereign digital currency. President Xi has recently been singing the praises of blockchain technology, the infrastructure for the new [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":5067,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1013,1053,1027],"tags":[1333,1080,1289,1387,1665,1664],"class_list":{"0":"post-5068","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-account","8":"category-featured-1","9":"category-our-picks","10":"tag-b2c2","11":"tag-blockchain","12":"tag-cbdc","13":"tag-china","14":"tag-president-xi","15":"tag-scott-weatherill"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>China\u2019s blockchain\u2014for whose benefit? - New Money Review<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmoneyreview.com\/index.php\/2020\/02\/14\/chinas-blockchain-for-whose-benefit\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China\u2019s blockchain\u2014for whose benefit? - New Money Review\" \/>\n<meta property=\"og:description\" content=\"Everyone outside the country is expecting the arrival of China\u2019s new sovereign digital currency. President Xi has recently been singing the praises of blockchain technology, the infrastructure for the new [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/newmoneyreview.com\/index.php\/2020\/02\/14\/chinas-blockchain-for-whose-benefit\/\" \/>\n<meta property=\"og:site_name\" content=\"New Money Review\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-14T14:40:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-27T17:34:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2020\/02\/china-facial-recognition.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1400\" \/>\n\t<meta property=\"og:image:height\" content=\"934\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Paul Amery\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ameryp\" \/>\n<meta name=\"twitter:site\" content=\"@newmoneyreview\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Paul Amery\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/02\/14\/chinas-blockchain-for-whose-benefit\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/02\/14\/chinas-blockchain-for-whose-benefit\/\"},\"author\":{\"name\":\"Paul Amery\",\"@id\":\"https:\/\/newmoneyreview.com\/#\/schema\/person\/71bdc8f94d4973d4c5bd2a8fe5a83412\"},\"headline\":\"China\u2019s blockchain\u2014for whose benefit?\",\"datePublished\":\"2020-02-14T14:40:21+00:00\",\"dateModified\":\"2020-02-27T17:34:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/02\/14\/chinas-blockchain-for-whose-benefit\/\"},\"wordCount\":299,\"publisher\":{\"@id\":\"https:\/\/newmoneyreview.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/02\/14\/chinas-blockchain-for-whose-benefit\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2020\/02\/china-facial-recognition.jpg\",\"keywords\":[\"B2C2\",\"blockchain\",\"CBDC\",\"China\",\"President Xi\",\"Scott Weatherill\"],\"articleSection\":[\"ACCOUNT\",\"Featured\",\"Our Picks\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/02\/14\/chinas-blockchain-for-whose-benefit\/\",\"url\":\"https:\/\/newmoneyreview.com\/index.php\/2020\/02\/14\/chinas-blockchain-for-whose-benefit\/\",\"name\":\"China\u2019s blockchain\u2014for whose benefit? 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