This is Part Two of a multipart series on blockchain and crypto in China. Read Part One about the digital yuan here.
When Satoshi Nakamoto introduced the Bitcoin (BTC) white paper over a decade ago, it was hard to imagine what role the cryptocurrency sector would play in global finance. Some argue that the invention of blockchain technology is comparable to the revolution brought on by the invention of the internet back in the 1980s. Starting as a niche space for tech enthusiasts, in just 12 years Bitcoin has become a serious player in the financial field, with its market capitalization closing in on Google, one of the world’s largest tech giants.
One of the reasons for the increasing popularity of, and people’s increasing interest in, crypto lies in the fact that the technology that forms the backbone of cryptocurrency promises more financial inclusion compared with