Enter The Dragon: China Wants To Spend Over $2 Billion On Blockchain Development

China’s New Law Could Boost Blockchain Adoption In The Country

Besides powering the numerous crypto networks currently in operation, the blockchain technology continues to fascinate many industry players, and now the world governments are getting involved.

The latest government to get sold out on the concept of this new technology is the Chinese government. Given that China is home to over 1.3 billion people, it’s interesting to see that their government is now considering utilizing the new technology.

In fact, during a recent address, the Chinese President himself, Xi Jinping, confirmed that the country is now ready to adopt the blockchain technology. A recent report by IDC intimates that as part of the efforts towards this goal, the Chinese government has made plans to invest around $2 billion in the development of blockchain-based solutions. IDC is an international firm focused on market intelligence. 

Spur Growth In The Sector

More precisely, the government plans to have dished out a total of $2 billion by 2023. Gauged between 2018 and 2023, the country’s annual expenditure on blockchain development will record a growth rate of around 65.7%. With this, the Chinese government hopes to boost the growth and expansion of blockchain technology and the emergence of various use cases for it.

Due to the decentralized nature of its networks, blockchain technology can be used to create publicly-accessible distributed databases that could revolutionize various sectors including education and healthcare. 


What About Cryptos?

While the Chinese government throws in good money to advance blockchain technologies, it’s still not very receptive to the whole concept of cryptocurrencies -, especially Bitcoin. A few years back, the government banned all crypto exchanges from operating in China. This led to exchanges like Binance exiting from the country and setting up bases in more friendly countries like Malta. 

China has also banned all crypto-related activities within its borders. However, there have been some rumors that the country is planning to create a national cryptocurrency. Interestingly, a state-owned Chinese media outlet has been publishing content educating millions of people about Bitcoin.