China’s blockchain policy development is majorly concentrated in three cities
China’s blockchain policy development will reportedly be concentrated in three cities – Beijing, Shanghai and Guangzhou.
According to the BlockData data as cited by a local finance publication, Securities Daily, the 32 blockchain-related policies that has been introduced throughout the country in the recent years. And, 11 projects are concentrated in three areas: Beijing, Shanghai and Guangzhou.
The publications states, “Blockchain technology [is aimed] to serve the real economy, focusing on the balance between innovation, regulation and security, and clarifying the bottom line of financial stability and information security.”
Since August 2016, the Beijing regulatory authorities started focusing on blockchain technology. In the past two years, around five blockchain-related policies have been introduced in order to promote the development of blockchain technology. In the Guangdong Province, the blockchain technology was also included in the policy time and the Shenzhen City issued a document in order to encourage the development of blockchain technology in November 2016.
Interestingly, China’s policy towards blockchain and cryptocurrencies are very different. While, the country praises and adopts blockchain technology, it has banned cryptocurrencies. In fact, China’s President Xi Jinping has called blockchain a priority in the field of technology in the 21st century.
Moreover, new blockchain alliance involving 54 different companies, was established in Guangzhou city in order to promote and develop blockchain technology in the country.
Whereas, the government censored certain parts related to cryptocurrencies when on China’s state-run TV channel, Andreas Antonopoulos’ book “Mastering Bitcoin” appeared. In fact, the title was also changed to “Blockchain: the Road to the Digitization of Assets,” and no reference to Bitcoin (BTC) was mentioned.
Recentlly, Chinese Bank of Communications (BoCom), which is the fifth largest bank in China and one of the four state-owned banks in the country has successfully completed the issuance of the first phase of personal housing mortgage-backed securities using blockchain, China Securities Times reported.
Image via Shutterstock