Following the Chinese government’s ban of ICOs and Bitcoin exchanges throughout the country, many crypto enthusiasts were left wondering – what is China’s next play in the blockchain space? It would not make sense for China to sit this one out considering blockchain has the potential to turn various well established industries on their heads.
The Chinese government has a track record of controlled capitalism – they ban the US platforms within their country and instead incubate and control a Chinese equivalent. This gives them full autonomy. When Amazon was built, China built Alibaba. When Facebook was created, China banned it and built Renren. When Twitter popped up, China came out with Wiebo. When Skype entered the market, China made Wechat – which even now has 960 Million users. China banned eBay and built Baidu. China is following this same model for blockchain technology – and it is looking like NEO will be China’s crypto.
China wants to spread their influence over the rest of the world with Blockchain technology and now they have the opportunity to do it with NEO. NEO’s founder Da Hongfei even claims that a collaboration between his company and the Chinese government is possible in the near future.
Hongfei met with Chinese regulators before the recent ICO and bitcoin exchange ban throughout the country, which temporarily plummeted the markets. Hongfei stated that Chinese regulators consulted him for “information and suggestions” prior to the ban. In reference to a potential rumor that the Chinese government will build upon NEO, Hongfei stated: “I do not expect the government to call me in the short term and say, ‘Let’s use Neo as the blockchain technology infrastructure in China.’ But in the medium term? Why not? I think it’s possible.”