Bitcoin vis a vis NEO: Upaya Tiongkok menuju Penyeimbang Kekuatan Ekonomi Amerika Serikat dalam Kacamata Hegemoni dan Soft Balancing

Abstract

Bitcoin is one of the well-known cryptocurrencies since 2013 around the world where the concept is P2P or decentralized between user servers in a network. The exchange rate of Bitcoin continues to increase in line with demand from around the world, including China as one of the countries with the largest economic transactions in the world. More than 50% of the world's Bitcoin transactions are carried out through cryptomarkets from China. In addition, China is also the country with the largest Bitcoin mining pool industry in the world. This makes China the country with the largest Bitcoin turnover in the world. The magnitude of the flow of Bitcoin in China seems to be a threat to the Chinese Government so that in September 2017, the Chinese Government issued a policy of prohibiting ICO transactions and closing BTCC which is one of the largest Bitcoin cryptomarkets in the world. ICO can be interpreted as a cryptocurrency investment concept with the aim of crowd funding. A month after issuing a ban on ICO transactions, the Chinese Government actually announced the Chinese Government's plan to develop its own blockchain (cryptocurrency) world. This study explains the reasons for the Chinese government's policy regarding the prohibition of ICOs and the closure of BTCC but instead develops its own cryptocurrency using the concept of hegemony and soft balancing in a realism approach. The results show that the Chinese government's policy of banning ICOs and closing BTCC is a step taken in China's efforts to balance the United States as an influential country in the world economy.