China is sadly famous for its non-loyal attitude to cryptocurrencies and ICOs, but when it comes to the Blockchain, the country government looks like willing to compensate for the crypto ban. It supports and encourages all startups based on the blockchain technology, moreover, it hopes to create something that can be called a blockchain hub in the country.
The official newsletter says, that in 2017, investment in the blockchain based startups have seen a significant growth in 2017.
In 2017, more than 100 blockchain based startups were launched. And 68 new initiatives have been reported already in this year. It can be told, and the official report of the Ministry actually tells it, that the blockchain technology has grown to a completely new level, the level of a national science and the country`s strategy. Moreover, the regulatory framework for the further blockchain development and application has been improved significantly.
The government of the country doesn’t have any objections against the blockchain development, as it doesn’t see any threat in this technology. Moreover, as it has been reported, the blockchain boosts the economy of the country and helps to develop traditional industries.
For now, China has issued more patents for the blockchain based startups than any other country in the world. Though, the old legislation shall be adjusted to the new reality to meet the growing needs of the industry.