One of China's biggest regulators warns about "mythologizing" Blockchain technology

A best Chinese controller has recognized the inventive parts of Blockchain, yet cautioned against the "mythology" of the technology behind the cryptocurrencies, echoing the government's mixed feelings about the booming, but gloomy sector. We all think that blockchain is an innovation with significant, correct meaning. Be that as it may, we ought not to mythologize the chain of squares, "said Fan Wenzhong, leader of the worldwide branch of the China Banking and Insurance Regulatory Commission, amid an end of the week Fintech summit in Shanghai. These were the words that have been reproduced throughout the country, surprising users because China had followed a Blockchain behavior. These statements impacted both the public and other legislators.

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Establishing at the 5th Fintech Bund Summit on July 8, Fan noted that it is difficult to label Blockchain as a " revolution " because the underlying idea - multiple entry accounting - has been around for centuries. Decentralization is not a new trend, but a cycle, because the first human transactions did not have central authorities," he said, according to a transcript of the organizers of the event.

It establishes that Blockchain is a decentralized and secure public book of data transactions, used mainly by cryptocurrencies such as Bitcoin.