After an interesting AMA that took place yesterday with Catherine Li, CEO and Chairwoman of TheKey, it has come to light that she has been in constant touch with officials from the Chinese government so as to promote “legally verifiable” crypto projects.

THEKEY is essentially a blockchain based identity verification technology (IDV) that has been created to foster secure digital identities that cannot be tampered with by any third-party actors. The native ecosystem is completely decentralized and makes use of a Blockchain Based Dynamic Multidimensional Identification (BDMI) protocol for storing big data.

Taking with crypto enthusiasts from all over the globe, Catherine responded to many queries. However, the issue that most people were interested in was whether THEKEY is working in conjunction with the Chinese government.

In response to the issue, Catherine’s answer was:

“My company is utilizing national big data in developing the second generation of identity verification tool and indeed we have been working closely with the Chinese government in this regard. Recently we have reached an agreement on research over social insurance blockchain applications.”

She then went on to add:

“Chinese government will issue digital currency based on Yuan, but it has nothing to do with blockchain technology according to the Central Bank. I believe the Chinese government will allow the high value and high-quality cryptocurrencies to enter the market, but I am not sure about the time.”

Final Take

While opinions on the aforementioned matter may vary from person to person, it is now quite clear that THEKEY has sparked the interest of the Chinese government regarding crypto enabled technologies. It now remains to be seen whether alt currencies will be given another chance within the Asian powerhouse.

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