China Renaissance CEO: Blockchain More Important Than Bitcoin

The head of a Chinese investment bank says he believes bitcoin's underlying technology is more important than the cryptocurrency itself.

AccessTimeIconOct 25, 2017 at 8:45 p.m. UTC
Updated Sep 13, 2021 at 7:04 a.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

The head of a Chinese investment bank says he believes bitcoin's underlying technology is more important than the cryptocurrency itself.

Fan Bao, the CEO of China Renaissance, said in an interview with CNBC that while bitcoin's market may be a bullish one, he believes that underlying blockchain tech is more attractive and "probably the most disruptive technology...in the financial services industry."

"I'm a strong believer in blockchain in terms of its wider application in our industry," he added.

His comments came after bitcoin reached another all-time high over $6,100 last week, followed by a few days' fallback to around $5,500 as of press time. Yet at the same time, they come amid a range of finance-related applications for the tech, particularly around capital markets.

As reported by CoinDesk, Russia's National Securities Depository (NSD) has just issued the first-ever live bond at $10 million using smart contracts and the open-source Hyperledger Fabric blockchain. And Hong Kong Stock Exchange is also on its pace launching a private market for smaller firms interested in developing blockchain applications to explore more use cases.

Elsewhere in the interview, Bao also stressed in general that the Chinese government has taken a liberal approach towards innovations with its open market policy.

In fact, in a most recent announcement, the China State Government suggested that blockchain should be applied to establish a credibility system for the country's supply chain industry, signaling official support for development around the tech.

Image via YouTube

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.