Blockchain Technology In China Got The Support Of The Ministry Of Industry And Information Technology

China’s Ministry of Industry and Information Technology expects 2018 to be another important year for investment in the blockchain technology, as in the last five months about 250 investment agreements have been registered in companies dedicated to developing technology based on the blockchain, highlighting the first quarter of this year with 68 investments in the industrial sector. All these thanks to the cryptocurrency trading that survives in China despite the strict regulations.

According to the China Money Network, the ministry reported that 250 agreements have already been registered this year, a figure that represents more than double the number of agreements signed last year, with nearly 100 investment operations carried out throughout 2017, a number that translates the interest in technology into facts.

There are currently 456 companies registered in China that are dedicated exclusively to developing blockchain technology

Of these 456 companies, 295 are focused on developing solutions for different economic sectors, while 86 companies based in China are dedicated to providing services to the financial industry, according to a report from the Chinese ministry.

In addition, the number of projects focused on building blockchain infrastructure reaches 40 startups.

However, the report states that the blockchain sector is still at an early stage, as the investments were not long-term. A fact they expect to happen later, so the bet is to increase investments.

It is important to note that Chinese officials have been studying blockchain technology development in China for years. In fact, two weeks ago they published an index that ranks the main chains of blocks in the ecosystem, based on the applicability, free access, and transparency.

Cryptocurrency trading survives in China despite the strict regulations

These efforts and reports speak about the Chinese government’s interest in taking sides in the development of blockchain technology, even though cryptocurrency trading survives the hostile policies coming from the part of regulatory agents.

It should be noted that since September 4th, 2017, the Initial Coin Offers (ICO) in China have been banned, a regulatory decision that was followed by the announcement of the closure of all national and international cryptocurrency exchange operators.

However, a government spokesman told CCTV, China’s state-owned TV station, that the ICO operations are still “rampant” throughout China despite these bans.

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