Ezubao, once China’s biggest peer-to-peer (P2P) lending platform, folded in 2016 having collected 59.8 billion yuan (US$8.5 billion) from more than 900,000 investors. Photo: Reuters

China’s blockchain development should learn from P2P lending mistakes, researcher warns

  • A task force will seek to eliminate risks associated with peer-to-peer online lending platforms after the savings of millions of individuals were trapped
  • Blockchain, the technology that underlies bitcoin and other cryptocurrencies, was endorsed by President Xi Jinping last week, leading to an increase in interest
Topic |   China economy

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Ezubao, once China’s biggest peer-to-peer (P2P) lending platform, folded in 2016 having collected 59.8 billion yuan (US$8.5 billion) from more than 900,000 investors. Photo: Reuters
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The blockchain endorsement from Chinese President Xi Jinping prompted a surge in the price of bitcoin. Photo: Reuters

Blockchain endorsement from China’s Xi Jinping could lead to fraud and speculation, technology analysts warn

  • The endorsement from China’s leader prompted a surge in the price of bitcoin, while development companies and institutions celebrated the blessing for the industry
  • Analysts, though, are wary that it could lead local officials, tech start-ups and cryptocurrency investors to misuse and distort the technology for their own gains
Topic |   Blockchain

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The blockchain endorsement from Chinese President Xi Jinping prompted a surge in the price of bitcoin. Photo: Reuters
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