China, the Communist Party wants the blockchain

The Chinese Communist Party's propaganda intends to embrace the blockchain, but the objectives go even further: do we think of cryptocurrency?

China, the Communist Party wants the blockchain
Image by jl w from Pixabay

The Chinese want to bet on blockchain: word – no other than – of  Xi Jinping, the leader of the country. In his speech at a party celebration, the leader clearly expressed his intention to see China as a leader in the emerging blockchain technology: few words but clear, calling for more investment and accelerating development in this direction: innovation and security are needed, but the order arrives from above and the Chinese machine has therefore immediately proved to be receptive.

The Chinese Communist Party has thus launched a decentralized app (Dapp) with which party members can certify their “membership” and loyalty to the party itself: probably the blockchain was not born exactly for this purpose, but it is clear how technologies they often walk on their own sometimes close to definitive maturation. The initiative is purely aimed at propaganda, allowing the members of the party to ascribe their name in the “heart of the chain“, where the block cannot be overwritten and where therefore an indelible trace of one’s loyalty remains. The mantra “Do not forget the origin, keep the mission in mind” Is therefore the main theme of the entire project, which for the first time is based on blockchain as a new communicative and propagandistic tool.

But that is not all. The development of the app, in fact, according to CoinDesk would have been entrusted to Lingzhu Technology, a group that would have received state investments for the development of a blockchain called OF. At the heart of the group, there would also be the so-called OFCoin, a cryptocurrency developed in China despite the prohibitions linked to ICO for further cryptocurrencies (mining has also been banned recently). This circumstance literally made stock prices of all the groups active in the blockchain world jump up, to make Bitcoin rebound and to close the technological list with a +5%.

The hypothesis is that China wants to respond to Western Libra initiatives and, while confirming the ban on Bitcoin and the like, wants to experiment with cryptocurrencies, net of maintaining currency sovereignty. The price of the OFCoins in a few hours is thus exploded (+ 90%) to then partially fall back (-35%) while waiting for clarity on the actual ambitions in the sector from the party apparatuses.