Executives at China's Blockchain-based Service Network – a state-backed initiative aimed at driving the commercial adoption of blockchain technology – labelled cryptocurrency"the biggest Ponzi scheme in human history" in state-sponsored media on Sunday.
Launched in 2020, BSN provides a Beijing-backed infrastructure for blockchain developers in the Middle Kingdom – sans cryptocurrency, as it is illegal in the country. The framework is intended to be interoperable globally, but has separate international and domestic versions to comply with rules in China.
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