Digital Financial Revolution: Blockchain in the PRC

Since its advent in the wake of the 2008 financial crisis, blockchain technology has taken the economic world by storm. Open-source blockchain transactions have increased the speed of, and trust in, cross-border financial transactions. Many in the United States see the technology as a new and improved medium to raise and exchange capital. In China, the technology, though much more tightly regulated, has likewise begun to proliferate and has even been identified as one of China’s seven “frontier technologies” in its 14^th Five Year Plan (2021-2025). Blockchain has the potential to transform industries in both countries and globally. This pioneering system is at the forefront of U.S.-China technological competition, and both nations have the potential to use the technology to remake the global financial system.

In an interview conducted on February 9, 2023, Paul Triolo examines recent developments in China’s blockchain evolution, focusing on its role in the U.S.-China relationship.

Paul Triolo

Paul Triolo is senior vice president for China and technology policy lead at Albright Stonebridge Group (ASG). He advises clients in technology, financial services, and other sectors as they navigate complex political and regulatory matters in China and elsewhere. Prior to joining ASG, Mr. Triolo was founder, practice head, and managing director of the geo-technology practice at Eurasia Group.  Previously, he spent more than 25 years in senior positions in the U.S. government, analyzing China’s rise as a technology power and advising senior policymakers on a broad set of technology-related issues. He is a member of the National Committee’s digital economy track two dialogue and is frequently quoted in media outlets including The New York Times, The Wall Street Journal, The Economist, the South China Morning Post, and others. He received his M.A. in international relations from the Catholic University and B.A. in electrical engineering from Penn State University.