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Tencent survey: Chinese economists divided on blockchain and crypto future

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A survey carried out by Chinese internet giant Tencent reveals that economic experts in China are yet to agree on the blockchain and crypto future. The survey was cited in a report by local news outlet Jiemian on Feb. the 1st.

Blockchain and crypto future opinions divided among Chinese economists

The survey which was conducted by Tencent’s Financial Science and Technology Think Tank was issued to 100 chief economists from banks, research institutions, and universities. The economists were asked about the government’s monetary policy for this year as well as factors like the Yuan’s future volatility.

The result showed that the economists were divided into six major areas. For instance, 51 percent of the economists would support Beijing the People’s Bank of China (PBoC) issuing a central bank digital currency (CBDC). However, 40 percent of them said they would not support a government-backed cryptocurrency.

On the issue of the blockchain, the economists were divided into three groups. Around 33 percent of the respondents believe that blockchain technology is highly important. On the other hand, 32 percent of them took a neutral stance while 19 percent are not very convinced about the technology.

Reports over the past few months have indicated that the PBoC continues to look into the possibility of issuing its centralized digital currencies. For instance, last year, the PBoC made a move to hire four cryptocurrency professionals with experience in blockchain, cryptography, security and chip design. China isn’t the only one, with some countries including Russia, Sweden and other exploring the idea of a central bank issued digital currency.


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