China set to invest $2B on Blockchain in 2023
|- After Chinese President Jinping's blockchain endorsement last month, interest and involvement have surged in China.
- China's expected $2 billion blockchain investments indicate a 65% growth rate per year.
According to a report, China is all set to increase its blockchain investments that are expected to surpass $2 billion by 2023. The number implies a compounding growth rate of over 65% a year. This news comes as no surprise as the interest in China has surged after President Xi’s blockchain endorsement a few weeks earlier. The global market intelligence company (IDC) published a report indicating China's take on blockchain-based companies will increase significantly in the upcoming years. In 2019, however, China is mainly focusing on the banking sector for its blockchain endeavors.
In 2017, China banned crypto trading, leading to some serious changes like Binance having to relocate from China to Malta. All this seems to have changed last month after the President talked about Chinese interest and involvement towards blockchain.
Chinese President Xi Jinping said:
We must increase investments in the blockchain sector, resolve critical technical problems, and accelerate the development of blockchain and industrial innovations.
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