Blockchain Technology is slowly taking over the world as it is spreading at a faster rate than ever. Governments from various countries have started accepting the technology with open arms. China has decided to accept and fast-track the research on blockchain technology as they plan to spend about $2 billion on it. It is expected that this expenditure for blockchain development will help the country to witness a growth rate of 65.7% from 2018-2023.
The significant amount of spending done in the country was in the development of banking and payment technologies, with other industries just tailing the market. This additional spending in various industries would ensure innovation in the direction of blockchain technology.
China and world shifting towards blockchain technology
This shift took place when China’s President, Xi Jinping, announced that he wishes China to be the leader of the blockchain development and be on the top in the world. This acceptance and support from the President have boosted the blockchain development process in the masses.
1/ BREAKING China's President Xi: Adopt blockchain as an important breakthrough for independent innovation of core technologies
— cnLedger (@cnLedger) October 25, 2019
Hong Kong has approved licenses for new cryptocurrency exchanges, whereas in other parts of the world are also noticing changes in their financial system. Tunisia has turned out to be the first bank to launch its own central bank digital currency. Singapore is adding blockchain projects for its future programs.
On the other hand, the developing giant United States is facing a hard time to implement proper regulatory policies, and we can expect to learn a thing or two from China and how they manage the blockchain technology.
Crypto acceptance by China
Recently, China has eased up on the regulations and bans as they lifted the crypto mining ban allowing the miners to begin crypto mining again. Beijing removed the anti cryptocurrency rule, which was implemented in April.