The International Journal of Professional Management - ISSN 20422341
The Strategies of Cryptocurrency and Blockchain Technology in China - A Case Study of HSBC China
Volume 14, Issue 2
Angeline, ANG POH HAR
MBA, Paris Graduate School of Management, France.
B-23-03, 3 Elements, Persiaran Putra Permai Selesa,
43300 Seri Kembangan, Selangor, Malaysia
Tel: +60102266105
aph105@gmail.com
William CHUA
PhD (Mgmt), MBA, BSc (Maths/Ed), MMIM, MIIKM, Honorary Fellow
Professor and Doctoral Supervisor, IPE Management School, Paris
Abstract
The use and popularity of cryptocurrencies have risen dramatically in recent years. However, China government plans to crack down on all types of virtual currencies, including Bitcoin, to focus on trading outside the Chinese platforms, and block the access of domestic users to centralised trading of encrypted currency. China does not allow any encrypted currency (cryptocurrency) to circulate, but is still vigorously promoting blockchain projects, only rejecting risks and speculation.
HSBC, a global banking giant has completed the world's first blockchain-based trade finance transaction. The aim of this study is to explore their various business strategies in blockchain technology in China, and some aspects which influence the adoption of Blockchain. These include performance expectations, effort expectations, social influences and facilitating conditions and technology trust.
It was concluded that understanding the underlying technology is crucial. New technologies are emerging in many fields, and almost all of these are called breakthroughs. The next-generation internet financial system based on blockchain will gradually move from the current chaos to standardisation and normalisation. The relevant legal systems and regulatory systems will need to keep pace with technological development.
Key Words:Blockchain, Cryptocurrency, Financial Services Industry, Trust, China
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