China Strengthens Blockchain Relationship

Asia Blockchain Review
June 1, 2019

China’s relationship with blockchain is continuing to grow, even surpassing developments in the United States. Indeed, despite crypto having originated in the U.S., China has since filed far more patents than the world’s biggest economy. Unlike the U.S., however, China has mostly removed cryptocurrencies from the equation.

As reported by Asia Crypto Today, China currently accounts for 20% of all blockchain projects in the world, with reports indicating that the country is home to over 260 blockchain-based projects. China’s financial industry is meanwhile the most substantial investor in blockchain networks, and the country’s president, Xi Jinping, has been at the forefront of advocating for mass adoption and usage of blockchain technology.

Last year, Nanjing set aside US$1.4 billion – supported by both the local government and private investors – to encourage the development of blockchain projects in the city. 30% of the fund was marked for blockchain startups in the early stages of development, while 40% was to be allocated to funding industrial firms aiming to use blockchain technology in their operations.

Hangzhou is another Chinese city that has shown serious commitment to furthering the use of blockchain in the country, having also launched a fund dedicated to the technology. The city government will contribute US$400 million, which is about 30% of the fund.

The city of Shenzhen is meanwhile following suit by launching a blockchain-focused fund, which is being managed by investment companies owned by the city government.

Moreover, the country’s central bank, the People’s Bank of China, is at the heart of the nation’s blockchain revolution, having recruited legal and technology experts while exploring usage and supporting the adoption of the Guangdong-Hong Kong-Maco Great Area Finance Blockchain platform.


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