With one of the largest companies in China taking its space on the front row of blockchain implementation, the world should take note of the increasing presence of large legacy Chinese companies in the space.
In 2018, Alibaba’s subsidiary, Ant Financial raised $14 billion USD to develop implementations of blockchains with the pilot project in line to be released this year.
According to a report featured on Coingape, the Chinese blockchain industry is expected to grow by 67% CAGR till 2025, showing huge institutional interest in the country. With top companies entering the market, and regulations fairly tilted to them, the decentralized ledger technology industry is set to experience a rush of development, investment and capital bumps.
Furthermore, the government is lenient on blockchain development in country despite banning initial coin offerings (ICOs) and crypto exchanges.
The state sponsored a blockchain service network in Hangzhou, Zhejiang to make the government processes more efficient and friendly. Lest we forget the People’s Bank of China (PBoC) announced they will be launching a digital currency soon. coingape.com