China Blacklists Blockchain Firm from Distributing COVID-19 Supplies
Summary
- China blacklists blockchain firm from distributing COVID-19 supplies
- The firm exported “problematic masks and tarnishing the national image”
According to The Global Times, a major Chinease newspaper, Tus Data Asset was blacklisted by the Ministry of Commerce for “exporting problematic masks and tarnishing the national image.”
Tus Data Asset is the nation’s first state-controlled blockchain firm. Prior to selling COVID-19 supplies, the firm focused on blockchain and data sharing solutions. The firm then switched to mask production, an industry outside of their comfort zone. As a result, the firm experienced issues with supply chain management, apologizing for “not supervising a third-party supplier well”. Consequently, the masks were sub-par and thus, blacklisted from the market
China faces increased scrutiny amid COVID-19 and thus, the country wants to minimize and control PR. Exporting sub-quality masks amid COVID-19 brings down the country’s international image. Strict action is necessary in times like these, where sub-par masks can lead to fatalities.
Blockchain and Cryptocurrency Amid COVID-19
As China blacklists its first blockchain firm from distributing COVID-19 supplies, we will see more blacklists in the short term to control the quality of the product.
However, China is leveraging blockchain technology amid COVID-19. As reported by The Crypto Associate earlier this week, China has been prioritizing the development of a central bank digital currency (CBDC) amid COVID-19. The CBDC will help distribute funds from China’s latest 3.6T bill. CBDCs will help distribute money efficiently and eliminates potential corruption.
Furthermore, images of China’s CBDC have begun to surface. Testing wallets are now available to download in four major Chinese cities. It is unclear how long it will take for China’s CBDC to be available for mainstream use and whether it will actually be utilized to distribute funds. However, with China making strides in developing a centralized bank currency we will see other countries following suit.
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