One of the world’s leading superpowers, China and its tryst with blockchain technology is a tale to behold. The country stands out globally to be one of the most accepting nations in terms of blockchain adoption. As per a Forkast Insights report presented on 5 December, blockchain technology has now been adopted as a national priority in the nation. The report provides an in-depth analysis of how one of the leading nations of the world is adopting this technology to their benefit.
The report also includes an in-depth analysis of government policies, regulations, and investment in blockchain sectors the country has seen. Moreover, a list of all the current patents filed under blockchain technology implementation, the use of blockchain technology in business enterprises and a detailed report on where the government is initiating blockchain drive through policies are covered as well.
Blockchain and China
On 24 October, in an address to the Communist Party of China (CPC), President Xi Jinping stressed the importance of blockchain adoption and regulation to further boost the nation’s economy and industrial growth. The president stated the need for domestic and international enterprises to accept blockchain to cement the country’s rising stature. The nation is already on its way to dominating the USA in the blockchain sector with over 10,000 patents filed, the highest in the world.
HuangQifan, Executive Vice President at China’s Center for International Economic Exchanges stated that the People’s Bank of China is now all set to launch its digital currency, formally known as digital currency electronic payment (DCEP). With this development, China will now be the first country in the world to launch a central bank digital currency. The country’s blockchain sector is estimated to grow by 65.7% till 2023 with the industry surpassing $2 billion by the end of 2023.