China’s BSN seeks to reclaim financial data from technology giants

Martin Chorzempa, a researcher at the Peterson Institute for International Economics, provided information on the motivations and objectives behind the development of China’s state-backed Block Chain Services Network (BSN) while speaking at Consensus:Distributed on May 12.

Chorzempa highlighted the national objectives of China’s blockchain strategy, describing BSN as a means for China to keep abreast of innovations in the distributed logbook (DLT) technology sector, while restricting the penetration of foreign firms and protecting against capital flight.

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The design of China’s strategy to mitigate the „foreign threat
Chorzempa emphasized that China wants to be „at the forefront and know where the interesting innovations are and apply them well, rather than having to respond to innovations coming from elsewhere.

„China had a negative experience with the first waves of digital currency, crypto-currency and ICO,“ the researcher said, continuing

„It was perceived as a kind of foreign threat imposed by the foreigner, to which

  1. supreme court ruling
  2. blockchain research lead
  3. had no plans
  4. have stolen $2 million
  5. roll back the dao funds
  6. approached 30 percent
  7. bitmain’s ethereum-focused asic
  8. financial services to the masses
  9. endorsed by film actor steven seagal
  10. published fresh guidance around cryptocurrencies

, the central bank of China, had to quickly figure out how to respond“.

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Chorzempa stated that the People’s Bank of China was seeking to determine which aspects of the emerging crypt industry offered „positive innovations“ and which parts of the sector were purely speculative. The bank also needed to identify potential risks of capital flight.