A recent announcement by the Chinese Electronic Information Industry Development (CCID) reveals that currently, China has over 700 blockchain enterprises within its territory.

The collective study conducted last week by the Central Committee of Political Bureau of the Chinese Communist Party, out of the 700 blockchain enterprises, 83 are block research institutions, while 34 are banks.

More importantly, these enterprises are not limited only within the country. As the research further clarifies, there were over 500 investment and financing events which took place in the Chinese blockchain industry and many of the investments came from outside the country.

The Chinese government is also paying attention to the situation and is been issuing various blockchain policies via various ministries since the beginning of 2019.

Regulations will undoubtedly be an issue in the future of the Chinese blockchain industry

An example for such a policy would be the Cyberspace Administration of China (CAC)’s new regulations for blockchain companies operating within Chinese territory. The regulations included various anti-anonymity measures.

At the end of last year, Chinese outlets reported that there have been numerous blockchain initiatives started on the municipal level in Shanghai, Guangzhou and Beijing.

According to the CCID, local innovation for the industry is good when it includes internet behemoths, startups and financial institutions all aiming towards development in the blockchain sphere. The agency also reveals that the number of blockchain patents has increased substantially. The published patents for 2018 were 2435 while only in the first half of 2019, there were already 3547 published pantents.

President Xi Jingping’s stated:

“We need to look at blockchain technology as an important breakthrough innovation. This is why we must focus on the main directions, increase our investments and also focus on other emerging and key technologies. This will accelerate the development of blockchain and industrial innovation within the country.”

Contrary to China’s long-lasting hostile politics against cryptocurrencies, President Xi’s statement proved to be helpful in bitcoin’s rapid surge from the end of last week.

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