Chinese Top Official Offered to Get Blockchain Centralized

Chinese Top Official Offered to Get Blockchain Centralized

China has been known in the world of cyber assets as a country which takes a hard stance on them. Given this fact, it sounds dubious when one of the top Chinese officials offers blockchains to get centralized.

Blockchain offered to lose its main feature – decentralization

Recently, the representative of one of the Chinese most prominent financial regulatory bodies – China Securities Regulatory Commission’s info centre – said the country’s government ought to pay more attention to the blockchain tech trend.

According to Securities Times, Zhang Ye, the head of CSRC said that this technology should be the opposite of what it is right now in terms of decentralization.

The high-ranked official suggested that complete decentralization of the blockchain is not reasonable. That's because, according to his words, this technology is a software. And Ye believes that software should be centralized.

Also, he added that generating of a decentralized net on a centralized system has to be studied well.

Should some apps remain decentralized?

Zhang Ye additionally admitted that it’s not all blockchain apps that have to be centralized. However, according to his words, such intentions should be restricted. At the same time, he did not clarify which applications that he mentioned before can be left decentralized.

What does it mean?

The recent words of the CSRC’s head point out, once again, at China’s desire to fight cryptos without disrupting the control over blockchain’s underlying infrastructure.

It is also noteworthy that Zhang Ye allegedly urged the Chinese gov’t to launch a state-monitored cyber money exchange. Therefore, the speculation over the possibility that the gov’t could soften the restrictions on crypto trading grew. At present, crypto markets are straightforwardly restrained by the Chinese authorities.

Nevertheless, around a month ago the state-funded media the People’s Daily released an article in which blockchain was praised.