At one point, China was the top Fintech jurisdiction in the world, dominating online lending and other Fintech verticals along with a robust digital asset sector. That was then, and this is now – Fintech has been siloed into specific, approved businesses, and cryptocurrencies are illegal. But outlawing crypto does not mean China is avoiding all blockchain technology, and according to a report, China is now looking to train 500,000 individuals to boost blockchain cred and pursue Web3 projects.
According to the South China Morning Post, following the launch of China’s national blockchain research center in Beijing, the country aims to leverage blockchain as part of its digital economy objective. Blockchain will be used to develop software that helps the national economy
The report notes that blockchain garnered the blessing of President Xi Jinping in 2019 and is now part of a five-year plan as key technology for a digital economy.
While mainland China is looking to develop blockchain technology, crypto appears to be regaining some public support in Hong Kong – which was once independent but is now clearly controlled by Beijing. The report states that some Hong Kong branches of Chinese banks are now onboarding crypto customers.
As with anything in China, nothing happens without the deliberation of the people at the top, but things can always change at a moment’s notice.