Nothing's wrong with blockchain. However, as China puts it, it should just be regulated and monitored until such a time that it is deemed ready enough to be let alone. That's the philosophy behind China's bans even while they reiterate their love for blockchain time and again.
Everywhere someone goes to China, mention the word "blockchain" and "cryptocurrency" and they almost have the same meaning. Ethereum World News reports that China is open to developing blockchain and all its forms-except for cryptocurrency. China still has an existing ban on cryptocurrencies, pending further exploration in an effective way to regulate it.
If further reviewed, the world could find themselves shocked-the US, supposedly leading the way into the next generation, only accounts to 22% of patent filings for blockchain-related research. China holds 56% of these patents.
However, given that, at least two blockchain-centric systems, as well as eight cryptocurrency-focused outlets have since been banned in China. These are apps that have been used on WeChat as well as downtown hotels in Beijing; eight of these are online media sites. They have been found not following the new strict regulations from China's regulatory body for the Internet.
Specifically, Chaoyang holds the hotels, office buildings, and shopping malls that are supposedly breaking the rules. It was said to have been sparked by a trade exchange event, dealing with cryptocurrency, that occurred the week the ban went out. SCMP said the Chaoyang hotels suffered, as well as other places, when China started to crack down hard on cryptocurrency-based transactions despite their acceptance of the online currency.
Cryptocurrency outlets Huobi News, Shenlian Caijing, and Jinse Caijing underwent the unfortunate event of having their accounts banned online. They tried working through WeChat to reach their target audience. However, it was found that they broke quite a few regulations, enabling the regulatory body to stop them from operating until they had complied with the rules.
From what it looks like, according to BTC News, China's big on blockchain; just not with cryptocurrency. Most exchanges found a way around the bans by moving out of China. However, there remains a strict regulation governing these blockchain outfits that deal with cryptocurrency. China's Central Bank has yet to work out how to make cryptocurrency as accepted as blockchain in the country. However, for now, it's blockchain - 1, cryptocurrency - 0.
