China Pushes for Blockchain Innovation, as 10 000 New Blockchain Startups Get Registered This Year

e_abrams

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There has been an enormous rise of blockchain startups in China this year – whether this occurred because or in spite of the pandemic is up for debate. LongLash, which is a decentralized data provider, recently issued a report according to which so far this year there have been over 10,000 new blockchain companies registered in China.

As of now the total number of blockchain entities on mainland China is 84,410. That said, only 39,340 of those entities are operational. The vast majority of them are located in the Southeastern province of Guangdong and the Southwestern Yunnan Province.

What is more, many of those startups have been established with a very low capital – as low as 5,000 yuan (or around $717) while others have a starting capital of 50,000 yuan (or $7,175).

China banned crypto trading in 2017, but that doesn’t seem to have slowed down the industry.
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I think it is pretty impressive how the industry has developed in China despite the cryptocurrency plan.
 

e_abrams

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Depends on the crypto. They are supporting their own, but thirty party cryptos are banned.
 

cryptomarcianos

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I think Governments will push for Blockchains once they understand the true power of Public Chains. With features such as auditability, Identity verification and compliance in Blockchains like Concordium, more and more businesses and governments will be open to try out Public Blockchains that are suited for Enterprise level adoption.

Regulatory compliance is key, if this is taken care of,I think the Governments would be more open to distributed Ledger Technologies and Blockchain in particular.