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1.5 billion in support from a Chinese city for blockchain technology

1.5 billion in support from a Chinese city for blockchain technology

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Answer 1.5 billion in support from a Chinese city for blockchain technology

Nanjing, one of the most important city in Jiangsu Province, announced that it has started to support blockchain technology and start the transformation into a comprehensive economy governed by modern technologies. The Nanjing City Council has injected an initial amount of 10 billion Chinese yuan, which is equivalent to 1.5 billion dollars, to shift towards the world of blockchain.

This step did not come unilaterally from the provincial council, but was made in alliance with Zhong Guan, CEO of the largest technology companies, and the alliance was mainly engineered by Chinese government research institutes on the one hand and technology companies on the other. The meeting was attended by high-ranking government officials, including the deputy secretary of the Communist Party of China and the board chairmen of Chinese companies.

Read:Fixed currencies set a record transaction volume of more than $90 billion in the first quarter of 2020

Is the cryptocurrency market taking the shortest way to spread in China?!

China has a conflicting and unclear approach to dealing with cryptocurrencies, the same country that announced a ban on the introduction of currencies in the market and pursued all active users is the same that has dozens of companies based on digital and cryptocurrency, and has a huge base of Bitcoin and Ethereum traders in particular.

Experts state that the country was very extreme in dealing with the crypto and cryptocurrency market and punished former traders with imprisonment and confiscation of their currencies, but today it seems that it has changed its compass towards this large market to provide the opportunity to invest comprehensively in digital currencies.

Strong beneficiaries include UDAP, which aims to create a robust platform for decentralized assets that enables users to transfer funds in an orderly and different manner, and TOKEN-X group, which is new to the market and whose role in this field is not clear.

The city of Nanjing also has long-term goals. It wants to transfer all cryptocurrency companies to its territory, whether it is trading platforms, digital crypto companies, or the Chinese trading platforms themselves. It is reported that China has the largest number of patents related to the world of blockchain and thus is vastly superior to the The closest competitors are USA.

In a related context, Wang Xiaolong, head of the Internet Industry Research Center, announced that the integration of the digital currency crypto market with industries mainly will achieve greater successes and will result in continuous cooperation, which will become a strong and sound economic pillar.

Read:Beware…More than 1,500 people are impersonating Binance employees


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