Global market intelligence firm IDC has published a report stating that China is set to drive blockchain projects with a fund of US$2 billion by 2023, with an emphasis on the financial industry as it prepares to issue its central bank digital currency (CBDC).
According to Tokenpost, IDC’s report disclosed that apart from the banking and financial sector, the Chinese government will be promoting blockchain development in areas such as manufacturing, professional services and retail.
The initiative to accelerate blockchain applications was mainly driven by Chinese President Xi Jinping, who has stated that the decentralized technology is crucial to the nation’s development in all aspects.
IDC also revealed that China plans to spend $2 billion by 2023, increasing annual spending by 65.7% from 2018.
Forbes has reported that Ethereum Co-Founder and Consensys Founder Joseph Lubin voiced his support for China’s initiative, adding that he hoped the Chinese digital currency would be interoperable with public permissionless blockchains such as Ethereum.
“I would love to help China get experts in Ethereum technology,” Lubin said. “One reason is if the Belt and Road Initiave uses one of the weaker initiatives and it sort of mandates that those networks be built in that technology, maybe it won’t be as interoperable.”
Another positive move is China’s passing of a cryptography law, set to come into effect in January 2020, which will clarify legal challenges regarding cryptography, a crucial component of blockchain technology.
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