China ‘all in’ on its own cryptocurrency brand

China is in fully committed reality a digital currencies and blockchain technology, but only his own brand that he can control, Andreessen Horowitz general partner Katie Haun he told CNBC on Thursday.

The Chinese government is five o’clockyear plan drawn up before this year for the first time mentioned blockchain, which is the decentralized digital ledger technology which is the basis of cryptocurrencies such as bitcoin.

“China is in reality all in on crypto. do not mistake about that, ”Haunun said on “Squawk Box”, despite his own latest repression on bitcoin mining and cryptographic services.

However, he stressed that Chinese President Xi Jinping and other officials “are all in on their brand of crypto, which is a closed permit system. Kind of in disagreement with the open and decentralized protocols that we see as i future of the crypto system. “

China’s latest tightening actions bitcoin extraction in the country and put pressure on financial service company against the provision of services related to cryptocurrencies weighed on feeling in cryptocurrency markets.

Bitcoin on Tuesday fell below $ 30,000 – and, a one aim even further, briefly losing everything of its 2021 earnings. The world’s largest cryptocurrency has recovered somewhat, trading to nearly $ 34,000 on Thursday.

This is certainly not the first time that China has put restrictions on bitcoinHaun noted. In 2017, the country decided to shut down local cryptocurrency exchanges, which forced them to do so move in offshore. However, it did not end the flu of Chinese bitcoin Merchants.

China also it has been a long time home for more of half of the world’S bitcoin mining capacity; so-called miners use computer high-powered to verify transactions through the blockchain network and I’m rewarded for their efforts with bitcoin.

The fact China is now ratchet up his repression, Haun said, reflects in definitive “the stay power of open decentralized cryptocurrency like bitcoin because we’ve seen it happen before. ”

“So, I think China is all going in on crypto in a big way and this is a big opening for Western societies, including the United States, to lean on in,” she said.

Haun’s appearance on CNBC came shortly after Andreessen Horowitz announced was launching a $ 2.2 billion cryptocurrency-focused fund.

The famous Silicon Valley venture corporation was involved in the digital-asset industry for years, debuting his first dedicated fund in 2018 also like bitcoin and other cryptocurrencies wilted during the so-called “cryptocurrency winter”. Has a, also a former attorney of the Department of Justice, and Chris Dixon, who founded and operated two start-up, I’m in to load of Andreessen Horowitz’s cryptocurrency group.

Andreessen Horowitz was also the biggest outside investor in Coinbase at the time of the direct listing of the cryptocurrency exchange in April. Haun is a Coinbase board member.

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