As recently as last September, the People’s Bank of China announced an immediate ban on Initial Coin Offerings (ICOs) — a method employed by blockchain startups to fund development — and cryptocurrency exchanges in the country. However, last month, China’s main government-controlled broadcaster, China Central Television (CCTV), made what has been its biggest endorsement of blockchain technology so far by claiming that “the value of blockchain is ten times that of the internet”, with the Chinese State Council reportedly[1] embracing blockchain technology in its 13th Five-Year plan.
With policymakers around the world — including Chinese policymakers — eager to be early adopters of this revolutionary technology while still erring on the side of caution and being regulatorily compliant, what might the future hold for blockchain technology in this celestial empire?
Because of the rate of growth in which blockchain technology has grown in China, it was inevitable that China would have little choice but to accept its adoption. There has been a lot of uncertainty over the years — a dark web if you will — and this news from President Xi has proven that China will continue to lead the way in innovation and accelerate the industry adoption of blockchain. Blockchain has created hundreds of thousands of new jobs in China and those jobs are here to stay.
When you work in the blockchain space in China, it feels like everyone outside of China is working in slow motion. Opportunities are identified immediately and needs are addressed overnight with new services and solutions provided. New money prevails, acts fast, comes in great volume, and deals often depend on reputation, relationship and trust.
It isn’t so much that the Chinese stance has been anti-blockchain; its actions so far have shown that it has been anything but —
