Chinese Military Publication Advocates for a Cryptocurrency Reward System

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Support for blockchain technology in China has been overwhelming. Ever since Present Xi Jinping made a public statement encouraging government and private agencies in the country to adopt blockchain technology in their operations as a means of ensuring economic growth, the Asian economic superpower has made overture after overture in favor of the blockchain.

The latest entity to come out in support of the technology is PLA Daily, a publication that is seen all over the country as the official mouthpiece of the Chinese military. According to a November 13 report from the South China Morning Post, the publication claimed a day earlier that un exchange for the military embracing the use of blockchain technology as Present Xi has suggested, the Chinese government should also look into rewarding soldiers and other members of the are forces n cryptocurrencies for their patriotic work. 

Crypto Rewards for Blockchain Adoption 

Per the report, the news medium recommended that Beijing could create a digital currency token reward system, with which it will judge staff performances and make rankings based on criteria such as training, specialty skills, task completion, and others.

PLA Daily added, “To award or deduct tokens according to one’s daily performance and thus generate an objective assessment would effectively energize the human resource management,” it said.

Applying cryptocurrencies as a reward for military performance is an interesting approach, as t incentivizes everyone to o ore. Given how much China loves to ensure efficiency in all government agencies, incentivizing workers is by no means a bad idea. However, the currency that this reward system will be based on is still highly doubtful. 

While China has undoubtedly been bitten by the blockchain bug an s swearing by the technology day and night, the nation hasn’t made particular overtures to cryptocurrencies in particular. Initial Coin Offerings and crypto exchanges are still banned in the land, but there are changes. The new love for blockchain seems to signal better things to come.

Digital Currency Is Coming Along Fine 

However, when the rumored digital currency from the government does get rolled out, perhaps we will be able to see such a reward system in full play. China has been on the fast track to developing its state-backed asset, and from the looks of things, the development of the asset is moving along swimmingly. 

On November 11, Jack Lee, the Managing Partner at HCM Capital (the private equity arm of electronics manufacturer Foxconn), appeared in an interview with news medium CNBC, where he expressed his expectation that the Chinese digital currency will be launching in the next two to three months. He added that the currency would be used by the government to bolster its capital inflows, while also increasing its ability to monitor asset movements across the land.

Remember, all trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.

About Jimmy Aki

Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.

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