Is China The Next World Blockchain Leader?

Addressing an annual conference at the Chinese Academy of Sciences, the Chinese president made a statement that was unprecedented owing to the rigidity in terms of cryptocurrencies’ legal status in the country by endorsing the blockchain technology.

Still strict on cryptos!

After the ban on initial coin offering (ICOs) in September last year, welcoming blockchain technology was no doubt a contradiction of its own. Though the Chinese government still stands adamant enough on its stance on bitcoins and other cryptos and nowhere seems convinced about their legal future.

In the wake of this adamancy, facts cannot be denied where China stands as the largest of the miners and traders in cryptocurrencies in the world and so its driving interests towards blockchain technicality are under speculations.

Also, read: Bithumb Exchange Bans Trading in 11 High-Risk Jurisdictions, Crypto Market Goes Red

Rise in number of Blockchain Startups

Realizing on the future prospects that China seems to acknowledge, the Chinese President Xi Jinping said,

“The new generation of information technology represented by artificial intelligence, quantum information, mobile communication, internet of things, and blockchain is accelerating breakthroughs in its range of applications.”

A celebrated upsurge in blockchain startups was witnessed in the fray which saw around 100 startups coming up in 2007 that is indeed indicative of the nurturing and support of the domestic policies taken up at the government’s initiative.

Speaking on the local efforts made in the country, a government spokesman further added:

“We have established verifiable blockchain programs in China, and nearly 200 private enterprises have expressed interests to join. This will help blockchain technology and industry to become more transparent and open”.

Also, the latest move that sought the municipal and provincial governments to improvise their technical know-how and further accelerate the blockchain tech’s growth is undoubtedly another measure to create a rigid base for the technology that China aspires to give a shot to.

Aside from taking a research focus on blockchain development, NIFA is scrutinizing the cryptocurrency industry and issued warnings on the risks associated with initial coin offerings.

Li said on the panel:

“While blockchain’s technological development has seen a major progress in China over last year with blockchain platforms launched by internet giants such as Baidu and Tencent, our regulatory initiative is substantially lagging behind.”

It would thus, now be interesting to see, what China brings to the table as regards the Chinese blockchain interests?