• Around 32,000 Chinese companies claim to be using blockchain technology.
  • The technology is being used by less than 10% of those firms.

According to a Chinese news program Focus Report, around 32,000 Chinese companies claim to be using blockchain technology. Reportedly, the number is not even 10% of that. CCTV, a state television broadcaster in Mainland China, also aired an episode by Focus Report. The episode was titled “Blockchain is not a Cashchain.” 

The episode briefly portrays the misuse of the concept of blockchain technology by the companies. This is reportedly done to create business momentum and financial gains. Wu Zhen, head of the Key Laboratory of Internet Financial Security Technology of the National Internet Emergency Center, recently had an interview with Focus Report. He said that around 32,000 companies use the word blockchain in its business scope is. He said:

There are more than 32,000 blockchains [...] However, we found that there are actually not many companies that have blockchain technology or chain ownership [...] About 10%, or even less than 10%.

The episode claims that China's blockchain industry is at the forefront of the world. It comes second to the US in the total number of blockchain enterprises. However, the technology is being used by less than 10% of those firms. To date, the legal rulings regarding blockchain technology in the country have reached a total of 566. Due to this, professionals in the field request haste in implementing relevant legislation. Yu Jianing, deputy director of the China Communications Industry Association Blockchain Committee, said: 

Cracking down on illegal crimes is actually an important measure to promote further innovation, development and integration of the blockchain industry.

In October, China’s President Xi Jinping encouraged the mass to adopt blockchain technologies as central to innovation. According to Jinping, implementing integrated blockchain technologies will promote technological innovation and transforming industries. He said:

We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation.

Mike Novogratz, the founder at crypto investment bank Galaxy Digital, stated that the statement by President Xi Jinping gave credibility to blockchain and cryptocurrencies.


 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin is showing rising correlation with the S&P 500

Bitcoin is showing rising correlation with the S&P 500

Bitcoin and the crypto market have been in an uptrend since Wednesday following the Federal Reserve's decision to cut interest rates by 50 basis points. Bitcoin is up nearly 3% in the past 24 hours, rising briefly above the $63,000 level for the first time in three weeks.

More Bitcoin News
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.

More Ethereum News
Consensys case against SEC over Ethereum dismissed by Texas court

Consensys case against SEC over Ethereum dismissed by Texas court

Consensys announced dismissal of a case it filed against the SEC in April about the agency's alleged actions against Ethereum. Judge Reed O'Connor of the Northern District of Texas dismissed the case on Thursday. Consensys claims that the court failed to examine the "merits" of its claim against the SEC.

More Cryptocurrencies News
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors. 

More Ripple News
Bitcoin: On the road to $60,000

Bitcoin: On the road to $60,000

Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.

Read full analysis
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

BTC

ETH

XRP