China Spearheads the Global Blockchain Business Council

China is the land that gave birth to the great military general and strategist, Sun Tzu. Sun Tzu is well-known for his “The Art of War,” and the Chinese seem to have adopted it quite well. Thankfully, it is not as serious as going to war with an enemy, or at least it doesn’t feel that way at the moment.

The Chinese representatives at the World Economic Forum Summit in Davos called for a unified approach towards creating blockchain solutions. At the same time, the People’s Bank of China started cracking down on the country’s Bitcoin exchanges to identify and put an end to any unfair practices.

The summit saw the creation of Global Blockchain Business Council, a multinational body comprising of representatives from some of the 25 participating countries in the forum. According to reports, the whole initiative is spearheaded by the Chinese delegation comprising of members from some of the leading banking and financial companies in the country.

Speaking at the Global Blockchain Business Council inaugural meeting, the head of China Blockchain Representative Team — Deng Di called for his Chinese industry peers to join the council. Some of the members of the Global Blockchain Business Council includes World Bank’s Mariana Dahan, former Estonian President Toomas Hendrik Ilves, former Prime Minister of Haidi Laurent Lamont and former Ukrainian Economy Minister Aivaras Abromavicius.

The event at Davos also saw the participation of Bitfury’s CEO Valery Vavilov and Overstock’s CEO Patrick M Byrne. With the new Global Blockchain Business Council, China may as well be trying to counter the rise of the R3 Consortium, which is now part of the Hyperledger project. The Chinese government has been very supportive of the cause, and even the country’s central bank is currently working on its own blockchain project, suggests few recent reports.

Following its inspection of the country’s cryptocurrency platforms, PBOC has asked them to stop offering leveraged and margin trading option to customers. The move is said to be in the best interests of Bitcoin investors. However, the recent interaction paves the way for more regulations in the coming days which may or may not be in the best interests of Bitcoin or any other cryptocurrencies.

Ref: Econotimes | Image: NewsBTC