After the revolution of the internet in the world more technologies have been discovered along years and Blockchain is on Top of them taking worldwide nations to run to adopt it also learn the benefits of it to the various sectors of the economy and services. One of those nations with a particular interest in Blockchain is China.
China research about Blockchain and Central Bank Digital Currencies (CBDC) are coming from 2014 when they first showed their ambitions to create a national currency based on Blockchain, despite banned Bitcoin from their territory, they expressed publicly their desire to embrace blockchain and learn more about the Tech.
In China more than 70 financial institutions, including state Banks firms are using or plan to use Blockchain to deploy own financial apps. This can easily saw in the new white paper released by one of this Firms the Industrial and Commercial Bank of China (ICBC), and Blockchain will be applied in many areas such trade financing, supply chain management, settlements, digital invoices among others.
Source: ICBC (check in the whitepaper).
Also other players in the Chinese technology industry such as Baidu, Alibaba, Tencent and JD are working to release their own Blockchain based in financial service apps.
The white paper from ICBC give details about this apps and each paper each financial institution will have. Last week the Chinese government announced that will deploy a national Blockchain platform where companies and individuals can create own products and effectively start the new era of Blockchain in China.
Accordingly to the white paper this Banks and other financial firms are already using Blockchain services to manage their funds, control supply chain, issue securities also track Customer loyalty points and they are very advanced in this kind of services.
China in 2019 registered, using their government arm 420 Blockchain companies where 17% of that number deal with financial market. China plans are years light to other nations and their commitment to embrace blockchain was a national effort leaded by country's president Xi Jinping.
They may not favourable to BTC right now and lift of that ban my take years but one thing they are working hard to deliver: their own CBDC powered by Blockchain and will be issued by PBoC (People's Bank of China) and will be out before the Olympic Games in Winter of 2022.
The world is Going Blockchain and the future of money will be based in cryptocurrency.
*don't forget to protect yourself and other from COVID-19, #staysafe.
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