2018-11-28 18:29 |
China has one of the most divisive policies on digital currencies and blockchain. While the authorities love blockchain, they have completely sidelined cryptocurrencies. Hedge fund manager Edith Yeung recently discussed this approach at East Tech West. She created the China Internet Report, and according to the findings of the report, about 41% of new companies that received funding in Q1 of 2017 were related to blockchain.
China’s Relationship With CryptocurrencyChina has a “love-hate relationship” with digital currency and blockchain, according to Yeung, who heads the 500 Startups’ China unit. Speaking to CNBC’s Eunice Yoon at the East Tech West event in Guangzhou, China, she noted that the government is investing in blockchain technology. However, “what they are not endorsing is the crypto part of things, which is challenging the fundamental of financial systems.”
China wants to be the leader in blockchain technology, as detailed in The China Internet Report. In fact, Shanghai, Hangzhou, Guangzhou, Guiyang, Shanxi, and Henan have all tried to encourage blockchain development with favorable policies. Shenzhen is sitting atop a 500 million-yuan ($71.9 million) fund for blockchain investments while Hangzhou is eyeing a 10 billion-yuan blockchain fund.
President Xi Jinping is also backing the idea of creating a smart city using blockchain technology as he ordered the use of DLT in the Xiongan New Area economic zone.
Enterprise Blockchain Is Growing in ChinaYeung also noted that enterprise blockchain solutions have tremendous potential in China. She said:
“I was looking at a user case where they were trying to certify diamonds. Diamonds come from one place, and you pass it (on) … you wanna make sure that it’s real jewelry for us. I think there is a lot of really practical use cases the whole world can use blockchain for.”
Yeung’s report suggests that 41 percent of companies that received funding in Q1 of 2017 were related to blockchain technology. It also suggests the industries where blockchain-based solutions could be applied like health care, logistics, digital asset tracking and identity management across others.
It is not just the Chinese government that is showing interest in the technology. China’s big three internet giants, Alibaba, Baidu, and Tencent also involved in blockchain development.
Fund Manager Says China Has a Love-hate Relationship With Crypto and Blockchain was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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