We Shouldn't Mythologize Blockchain

We Shouldn't Mythologize Blockchain

Fan Wenzhong, the head of the International Department of the China Banking and Insurance Regulatory Commission, warned against “mythologizing” Blockchain during a fintech summit in Shanghai.  

Wenzhong does not recognize the technology as a “revolution”, reminding that the concept of multi-entry bookkeeping has been around for centuries, and the earliest human transactions needed no centralized control, thus decentralization “is not a new trend”. However, the regulator admits the innovative aspects of Blockchain and its significant meaning. 

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