The Chinese government ordered the Blockchain development faster, urgently seeking solutions.
The State Council of China has ordered local government agencies and government-sponsored research centers to focus on blockchain development and promote blockchain commercialization.
Official statement of the Chinese State Council released on May 24:
"In order to build the Guangdong regional securities market, according to the opening of the capital market, promptly introduced Hong Kong, Macau and other international investment institutions involved in the transaction. We will be aggressively developing financial technology by promoting blockchain research and applications as well as large data technology under the premise of law-abiding. "
BLOCKCHAIN'S STRONG DEVELOPMENT
Throughout 2018, the Chinese government and local government have demonstrated blockchain support, funding billions of dollars worth of initiatives to develop blockchain-based networks. In April, the Hangzhou municipal government sponsored the $ 1.6 billion Global Blockchain Innovation Fund for startup companies and emerging blockchain development teams.
The Guangdong Free Trade Area, an area in Guangdong Province, encouraged the development of technologies utilized in the Fourth Industrial Revolution such as blockchain, AI, and Big Data, home to 71 companies. started off the blockchain.
Blockchain startups co-exist with other startup companies and development teams work on cutting-edge technologies with the same vision of commercializing revolutionary technologies.
A local analyst said China has never restricted the development of advanced technology that could spur the economy away. In fact, China is considered one of the few countries actually virtually without cash, due to the migration of individuals and businesses from banking services to fintech networks such as Alipay's Alibaba. .
Zigor Aldama, an award-winning journalist who has covered the entire financial industry of China for years, says China is ahead of other top financial innovations in "light years. "
Speaking to Aldama, the founder of China Open e-commerce consultancy 2 Open Luis Galan,
"I believe cash will eventually disappear the way we know it now. With the current biometric system, it's just a matter of time before we even do not even need the equipment to pay. Fingers, eyeglasses, even the ear will be the payment device. But that means it will be able to track all of the things people buy in real time - not just that, but where and when. "
China has never shied away from innovation and technological development. The local market is so big that instead of accepting Twitter, they can create their own name called Weibo. Instead of YouTube, China has adopted Tudou and instead of using Facebook messenger, has adopted WeChat.
Basically, the Chinese government wants to create its own social media network, blockchain network, and its own technology. Instead of accepting Ethereum, they want to create their own blockchain network that the world can use. The Chinese government's vision is one of the main reasons why it is open to VeChain, Qtum, and China-based blockchains.
ACCESSIBILITY DEPARTMENT
Chinese authorities will actively promote the development of blockchain technology on the orders of the State Council to prove the country can lead the fourth industrial revolution and lead the development of a public New technology excels as blockchain.