LongHash said China’s blockchain companies have grown significantly, reaching an all-time high in 2020. China’s blockchain sector has grown significantly despite the pandemic and subsequent economic stagnation that dominated the first half of 2020. As a report released by LongHash, a blockchain and crypto data platform, shows, the number of blockchain companies formed in the country between January and July exceeded 10,000. Since the beginning of the year, the Chinese government has implemented measures to develop the blockchain sector in a number of regions, including Beijing, Hebei, Guizhou, Hunan and Hainan. Public services have been actively transferred to the blockchain system. In Beijing alone there are now 140 public service companies that use a blockchain system.
As long as it helps the Chinese government, it will be allowed
Although China banned cryptocurrency trading and ICOs (Initial Coin Offering) in 2017, the blockchain industry showed no signs of slowing down, but expanded significantly. The Chinese government is also tightening regulations for the ten-year-old industry, as Congress reviewed a special blockchain development fund earlier this year that proposed promoting blockchain innovation to build a variety of blockchain companies. The Chinese central bank also received $ 4.7 million in funding for its blockchain trading platform over the next three years. The country approved 224 blockchain projects from major corporations, including JD, Walmart, China, and Baidu.