July 2, 2022

Chinese soldiers plan to encourage cryptocurrency

Chinese soldiers plan to encourage cryptocurrency

China is embroiled in blockchain fever, now its military leadership is considering stimulate Chinese soldiers with cryptocurrency.

Xi Jinping's speech was largely related to blockchain, not bitcoin. However, just yesterday, Bitcoin first appeared on the front page of state-owned media.

Chinese military newspaper PLA(People's Liberation Army) published material on the use of cryptocurrencies for more effective management of human resources. The document discusses the reward scheme for Chinese soldiers with cryptocurrency.

According to PLA, blockchain technology andcryptocurrency can stimulate innovation and significantly increase efficiency in the army. The army leadership believes that creating some kind of reward system for tokens for its employees can help in everything: from evaluating effectiveness to special skills, completing tasks, and training.

This news caused a ripple effect throughout China, and local authorities immediately announced the allocation of funds for new technologies and began to study its possible applications.

In addition to incentives for soldiers, the army has manyways to use blockchain. It is used to store and protect military secrets using high-level encryption, as well as for electronic shooting ranges, which detects marks on targets and transfers them back to blockchain records, guaranteeing “authenticity of training results” or for military logistics and supply management.