Blockchain interest in China is reaching entirely new levels. With talk of a digital yuan possibly coming, the country seems to be more than willing to step into a new economic future, despite resistance by various entities, including some within the government. One entity, however, seems to be excited about the possibility and has come out to publicly show support for cryptocurrency as a possible form of payment. The People’s Liberation Army (PLA) would like to see soldiers paid in digital tokens.
According to an op-ed piece penned by the PLA Daily, the military’s official news outlet, the Army should incorporate blockchain technology into its operations to better store personnel data, including missions in which soldiers have served, career paths and identity data. This information would then be easily manageable in order to conduct performance assessments and, possibly, issue token rewards.
The editorial adds that the reward system could be based on different criteria, such as the level of training, specialty skills, completion of certain tasks and more. It adds, “To award or deduct tokens according to one’s daily performance and thus generate an objective assessment would effectively energise the human resource management.”
The digital tokens would not necessarily be exchangeable for any type of currency. Instead, they could be accumulated to be exchanged for rewards, but no details were given on what type of rewards might be offered. Conversely, poor performance could lead to tokens being taken away and the end result would be a system of immediate incentives, unlike the current system that includes merit citations only after a certain type of achievement or advancement in the ranks.
As acceptance of the entire blockchain ecosystem gains strength in the country, China is still intent on keeping public cryptocurrencies out of the picture. The country’s central bank, the People’s Bank of China, issued a notice to all government entities that they are required to close any business found to be tied to the crypto industry, with the exception of mining.
China has developed a clear “blockchain not Bitcoin” stance, pushing for further adoption of blockchain technology while resisting Bitcoin as a legitimate digital currency. The country’s official TV network, CCTV1, aired a segment last week describing crypto as “financial fraud” and “illegal Ponzi schemes.” This is most likely an attempt to keep its fiat currency as the only accepted currency, with a new digital yuan serving as an extension of that currency.
The Genesis protocol upgrade on February 4, 2020 is a monumental step in the history of Bitcoin, and will see BSV returned as close as possible to the original protocol as envisioned by Satoshi Nakamoto. Visit the Genesis Hard Fork page to learn more.
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