Australian blockchain start-ups attend trade mission in China
The start-ups that are attending this trade mission programme are Beam, AgriDigital, Labrys, and others.
Entrepreneurs from different start-ups participated and completed a boot camp organized by the members of the embassy during the past weekend, that included a session on how to protect intellectual property. On Monday, a visit to a handful of China’s largest fintech companies was organized, which included visiting $150 billion valued Ant Financial’s headquarters situated in Shanghai.
Ant Donates $14 billion towards a blockchain technology
Ant is one of the world’s largest online and mobile payments platform used by 520 million people. The company has been investing in blockchain for quite some time now by donating $14 billion towards the new technology. One such technology is the real-time remittance service from Hong Kong to the Philippines and vice versa. This technology is used to manage fund transfers.
The many start-ups are also attending the ongoing Wangxiang 4th Global Blockchain Summit held at W Shanghai The Bund.
However, the Chinese central bank wants to halt initial coin offerings (ICO) because it is not legal but whatever may be it, the government still wants to continue investing in the technology underlying them.
A delegate who attended the event the previous year said, “This is a mind-blowing experience for the start-ups.” He also revealed that China has the ambition to be the most important player in the blockchain world
China has been banning domestic cryptocurrency trading through a list of regulatory restraint that includes an ICO ban in 2017. On the other side, Australia has introduced new regulations for their domestic crypto exchanges in April 2018, asking operators to register and adhere with guidelines under Australia’s financial intelligence agency.
Image via Shutterstock
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