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

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

Despite or because of the COVID-19 epidemic (depending on your subjective views), China has seen an unprecedented rise in new blockchian startups. According to LongLash, a decentralized data provider, there are more than 10 000 new blockchain firms registered in China for the year 2020.

The total number of firms as of now is 84 410 blockchain entities around mainland China. However, out of these, only 39 340 are currently operational. A big majority of these companies is located in the Southeastern province of Guangdong and the Southwestern Yunnan Province

Most interestingly though, is that many of these startups have been established with a capital as low as 5,000 yuan (or around $717). Some of these have a starting capital of more than 50,000 yuan (or $7,175).

Despite the ban on cryptocurrency trading in China that took effect in 2017, the blockchain industry has since then showed very little sign of stopping.

Recently, the Chinese government has been attempting to streamline the regulations on crypto. The newest major development with this is that the congress has reviewed a fund for blockchain development, whose main goal is to encourage the innovation of blockchain.

China has also recognized some 244 blockchain projects that involve international players, like Walmart. Furthermore, it has been a fact that the central bank of China is the first in the race of launching its own centralized digital fiat.

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