China vs. Blockchain: Policy of Support

China is known for its ban of all cryptocurrencies and all cryptocurrency-related activities, the more surprising is the support that Chinese government is providing to the Blockchain technology. Most blockchain-based patents applications, that are submitted this year, come from China. In it, China has beaten even such huge economy as the USA and the country that is considered to be a cryptocurrency hub, Japan. Moreover, Chinese government has just funded blockchain projects for more than 1,6 USD bln.

On the 9th of April, the government made a final decision to invest 400 USD mln into a venture capital firm called Tunlan Investment. This project is special for both China and the world, as within it, the Blockchain Industrial Park in Hangzhou was launched. The funding of this project is one of the latest and the most expensive efforts of Chinese government to support the development of the Blockchain technology in the country.

In September previous year Chinese government imposed a complete ban on any cryptocurrencies and related activities and forced cryptocurrency exchanges move out of the country. Most of them relocated to Hong Kong. The recent trend of blockchain support contradicts the ban policy, but Chinese government insists that cryptocurrencies pose a direct threat to national currency, while the blockchain technology offers huge opportunities for the development of the country economy.

Add a Comment

Your email address will not be published. Required fields are marked *