Chinese Authorities Are Loving This IoT Token - and it's Not IOTA

Chinese Authorities Are Loving This IoT Token - and it's Not IOTA

By Sal Miah | Sal's Articles | 22 Jul 2020


What started out as a buzzword is now an operational system that is arguably the future of cities globally.

 

MXC pioneered the smart cities initiative geared towards connecting the various technical aspects of the city. These connections would then enable the optimization of various resources such as water and electricity while also providing solutions to populous city problems such as traffic congestion.

The Shanghai Yangpu district was the initial partner of the smart cities project by the MXC foundation. Given the relationship between the Chinese government and cryptocurrency, the partnership came as a surprise to many in the blockchain industry. However, it spoke of the great confidence the Chinese government had in the MXC system. As part of their innovation-driven development strategy, the Chinese government saw MXC as a perfect fit for their policy.

In a continued show of confidence in MXC’s ability, the Sichuan Government of China gave a generous six-figure grant to MXC. The grant is meant to expand MXC services into the Sichuan area. The resulting growth is expected to encourage the growth of the IoT ecosystem in the Sichuan area and beyond.

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The Certificate given to MXC by the BSN as proof of Qualified Developer  | BSN

Assured Returns

The Sichuan area in China is set to benefit greatly from MXC. Having been given the grant, MXC’s expansion plan will now involve setting up its next global office in the Sichuan region. MXC is already in possession of a business license and an IoT license from their local government. The opening of their 5th global office is set to increase their credibility and reputation amongst governments and institutions globally.

A successful set up of MXC in Sichuan would be a win for both parties. The region would benefit from the economic activities of MXC while MXC would benefit from the influence created by the confidence of the government in their products and services. Already, MXC is enjoying instant benefits from the announcement with the MXC token performing bullishly in the market after the announcement. Its performance is likely to get even better after MXC sets up shop in Sichuan.

China Has Not Always Been Crypto-Friendly

Reading the success story of MXC in China would give the impression that the Chinese government is strongly pro-crypto; however, that has not always been and is seemingly not the case.

Known for its stringent measures when it comes to governance, the Chinese government remained true to its reputation on matters of crypto. The Chinese government took a very hard stance on cryptocurrency, essentially banning the trading of cryptocurrency in the country. It came at a time when cryptocurrency trading was on its peak.

The ban was not merely out of a dislike or discrimination of cryptocurrency, but rather to prevent cryptocurrency fraud that was on the rise during the 2017 cryptocurrency boom. Cryptocurrency related fraud is still rampant and the Chinese government is taking active steps to stop it, including freezing accounts of suspected fraudsters.

Because of the inconsistencies surrounding various cryptocurrency exchanges, the Chinese government essentially looks at nearly all cryptocurrency activities as potentially fraudulent activities. Thus, many crypto-related activities are highly scrutinized with the government occasionally making arrests having found out ongoing fraud.

Despite The Indifference, China Values the MXC Relationship

The announcement was made after a series of bans and regulations imposed on other blockchain-related activities. It meant that MXC was initiating something that was in line with what the Chinese government envisioned.

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Once logged into the BSN site, the MXC logo is clearly visible | BSN

Part of this was the allure of technological expertise. MXC has great connections in countries that are deemed as engineering experts. For example, MXC has its headquarters located in Berlin, Germany. The technical prestige associated with German engineering was likely an influencing factor in the decision made by the Chinese government. To exploit such a good opportunity would be a win for China.

Further, MXC’s CEO, Xin Hu, who had gone to the EU via a scholarship, was returning home with new innovations to support growth. These were elements that China could not easily overlook. Aside from the Chinese government, Chinese investors were increasingly showing confidence in MXC. Many of them were putting their money in the project, which likely encouraged the government to partner with and support MXC in its endeavours in the region.

Working Product

MXC also had to prove that its systems were fully functional through a working concept or active product. Through its partnership with JD, a global e-commerce platform, MXC proved that it possessed a working product. MXC handles logistics and product tracking for JD through LPWAN and blockchain technology.

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An official answer from the BSN TG group conforming MXC as a Qualified Developer | BSN Telegram

With a working product, MXC had something concrete to back up their credibility in the market. Their partnership with JD also put them in a lucrative global position. The success of the partnership gives MXC a proven record of accomplishment of working products and services. It also highlights MXC to other global businesses in need of logistical services.

Ripe for Adoption

MXC’s proof of concept and working products demonstrated that its services could be appropriately applied to other industries. By accepting the smart cities’ partnership, the Chinese government was showing confidence in the life-changing capabilities of MXC’s systems. It now seems that the leap of faith paid off as MXC is partnering with Sichuan in other smart cities’ venture.

China is not the only country eyeing the services of MXC. The platform identified cities such as Barcelona in Spain, Columbus in the United States of America, and Dubai in the UAE as cities they would like to partner with. However, China has a leading advantage over other countries as it already has not one, but two cities under the smart cities’ initiative.

Given China’s desire to transform into a greener and smarter economy, it is only a question of when new Chinese cities will partner with the global innovator.

What’s Next for MXC in China?

MXC is in the good books of Chinese authorities. It is only going to get better as their relationship grows.

Already, talks of operations in Sichuan are encouraging with the platform having all the required documents for setting up offices in Sichuan. This will be a major boost for MXC in the region. Its likely success in Sichuan, after an effective set up in Shanghai Yangpu District, may influence the Chinese government to test out MXC on a wider scale.

Most cities need adequate connections that can connect people and projects. Collaborative works are increasing, and the smart cities initiative could be the best way to link people and their projects. MXC currently stands at a great position of linking people and projects within cities. It is only a matter of time before the smart cities initiative is a staple in every modern city.

For more access to MXC and the China collaboration, follow this link.

 

Disclaimer: Please only take this information as my OWN opinion and should not be regarded as financial advice in any situation. Please remember to DYOR before making any decisions.
 

♂️ Hi, my name’s Sal.
If you found this article useful and would like to view my other work please be sure to clap and follow me on Medium and LinkedIn!😎

 

 


Sal Miah
Sal Miah

Crypto & MMA Enthusiast. Writer for a variety of good causes that encourage social progression. #freshgraphics #topbitcoinbeliever 👻👽


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