In late October, China’s President Xi Jinping threw a surprise to the crypto sphere when he publicly appeared in supporting blockchain. The 180-degree change, in turn, sparked interest in the new emerging technology among Chinese, with the search of Bitcoin and blockchain seeing a significant increase. Not only that, there is a rapid surge of new blockchain-based platforms and coins such as TRON and NEO, despite the fact that the country does not maintain a pro-Bitcoin stance.
Whatever China’s take on cryptocurrencies, its standpoint on the blockchain is clear, and the same was shared by the Bank of China’s ex-President earlier. The former President of the Bank of China, Li Lihui At the Financial Technological Summit held in Beijing, noted that digital currencies are set to serve as crucial players in the upcoming financial revolution. He believed that digital finance needs a better approach from regulators, which China should not let such a golden opportunity slip past.
However, contrary to perception, China’s embrace of blockchain is not recent. In fact, the Internet-based courts in China have already begun using blockchain as a means to help web content creators in cases tied to copyright infringement.
The developments in China’s blockchain space are significant in regard to the technology and the cryptocurrency market, giving an opportunity to China to take part in the technological race.