China Shows Promising Support For Blockchain

In General, Investments, News
Support For Blockchain

Blockchain has indeed taken the world by storm. 

The world is ready for blockchain. It’s not been long since companies from around the world started acknowledging blockchain’s contribution to the creation of a more decentralized system. Now, more countries show their support for blockchain. Started as the technology behind Bitcoin’s massive success, now, blockchain is making its own name in every industry around the world.

In the last quarter of 2017, the year where Bitcoin had its most dramatic volatility, a lot of countries started showing their hesitations toward the cryptocurrency. China, which used to be one of the crypto hubs around the world, became one of the countries that announced strong restriction toward cryptocurrencies and cryptocurrency exchanges in the country. Everyone thought that this announcement would end the hype, but obviously, Bitcoin proved them wrong.

Now, in the second quarter of 2018, China decided to turn its decision against cryptocurrencies. Even though they declared cryptocurrencies as illegal, the Chinese government still decided to release detailed scores of the first crypto ratings which were conducted by CCID Research, China’s Ministry of Industry & Information Technology.

Despite the local government’s doubts towards cryptocurrencies, this hasn’t stopped them to acknowledge the promising technology of blockchain.

Chinese Government On Blockchain

The government may have banned cryptocurrencies, but not the technology behind it. Recently, The People’s Daily—a Chinese government newspaper, printed a feature that endorses blockchain technology.  With the title, ‘Three Questions to blockchain,’ it encourages local blockchain technology service providers to not rely on the existing foreign blockchain platforms, and create their own blockchain technologies that are independent and controllable, to eventually lead the blockchain technology development in a global scale.

This year, more blockchain projects start to sprout in China. One of those is the creation of “International Blockchain Investment Development Center.” The Paper reported that through this project of Investment Association of China (IAC), they aim to introduce industry standards, and blockchain investment alliances and funds to the country. Investment Association of China is a national social organization registered under the Ministry of Civil Affairs of the People’s Republic of China.

Another huge blockchain project that’s being supported by the Chinese government is Xiong’An Global Blockchain Innovation Fund— a new Chinese blockchain fund that has an astounding $1.6 billion available to invest in innovative startups. It was reported that a city government backs 30% of this blockchain fund.

Chinese Banks On Blockchain 

In 2017, twelve Chinese banks adopted blockchain applications for various uses such as issuing of invoices and cross-border loans to ID authentication processes. Three of those twelve Chinese banks are Bank of China, China Construction Bank, and the Agriculture Bank of China. More China’s state-owned banks are eager to explore blockchain’s technology to resolve data storage issues and to streamline certificate authentication processes.

 

 

 

 


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