China has been in the global spotlight for its crackdown on digital assets, reward mining blocks, ICOs, and even partial crackdowns on NFTs. However, according to a new report, the country is a global leader in blockchain technology development and home to over 1,400 blockchain companies.
The state-owned China Institute of Information and Communications Technology (CAICT) has revealed in a document titled “2022 Blockchain White Paper” that there are over 1,400 companies developing blockchain solutions in mainland China. . This makes the country one of the largest blockchain hubs in the world. According to reports, China and the United States account for more than 50% of all blockchain companies in the world.
China has also been named a leader in blockchain education, a key tenet that has contributed to the growth of the industry in the country. At least 48 higher education institutions in the country offer some form of blockchain-related courses, according to a CAICT report.
The Xi Jinping administration continues to support blockchain development in China despite its hostility to Bitcoin. In the past, Jinping has called for China to take the lead in blockchain adoption.
This is despite the country banning block reward mining in 2021 and the government’s continued crackdown on the industry since then. warned the public against investing.
China is also hostile to NFTs, most of which are traded in digital assets. I have been forced to do this for months. However, a Hangzhou court recently ruled that NFTs are online virtual assets and must be protected by Chinese law.
CAICT’s report shows that there are four major blockchain developments that will most benefit China. These include telcos whose fee structures can benefit from blockchain transparency. Consumers who can scan food to identify the source. Cross-border payments that make counterparty due diligence easier. Regulators can easily spot fraudulent activity between various exchanges.
Watch: BSV Global Blockchain Convention Presentation, Blockchain for Data Integrity and Business Process Management
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