The crypto industry in China remains positive and optimistic about the ongoing rise of cryptocurrencies, even during a global pandemic. A recent survey published in Xinhua reveals that companies remain relatively proactive and bullish on blockchain even in the midst of the COVID 19 pandemic. The survey included 350 Chinese companies in 10 different industries who have something related to blockchain and crypto-assets in general. China has also been developing its centralized national digital currency for a long time and is expected to issue sometime this year.
70% of the surveyed are bullish on the blockchain technology.
According to the survey, 70% of the companies tend to think blockchain technology will be thriving during and after the global pandemic and will keep up the bullish attitude for a long time. 20% believe they will invest even more in such projects, as a reasonable way to minimize the effects of the economic turning point. Many of the surveyed industry experts believe that industrial blockchain deeply serves the core body of social production-enterprises, not a blockchain system that everyone can participate in. Blockchain technology solves many existing problems, including the trust problem of multi-party collaboration.
Governments take a serious look at blockchain amid the pandemic.
The technology is currently being utilized in many fields across countries, and the adoption is continuously increasing. The technology that was initially intended to underpinning cryptocurrency has surfaced as a crucial technology that is being utilized in several sectors. According to the survey mentioned earlier, blockchain technology can be used in several fields, including pandemic prevention, control, monitoring, and delivering important data to medical institutions. It was also reported earlier that the social media and tech giant Tencent Holdings launched a special project to guide and support 30 blockchain-oriented companies. China is currently testing its national digital currencies in four cities. It is expected that the Asian country would issue the digital currency dubbed as DC/EP sometime this year.