China will have invested more than $ 2 billion in blockchain technology by the end of 2023. This is stated by a recently published report from the research company IDC. The positive news follows after other positive developments regarding blockchain technology in China.
According to IDC, China will increase its investments in the development of blockchain technology considerably. IDC estimates that China will increase its investments by 65.7% each year from 2018 to 2023. In addition to the banking sector, the country will also invest in other sectors for the further adoption of blockchain technology.
In 2019, the focus would be primarily on the banking sector. In the coming years, the service sector, production, and retail will also be discussed. China’s total investment is estimated to be $ 2 billion. One of the researchers, Xue Yu, says in the report:
The official recognition will stimulate the use of blockchain technology and ensures rapid spending growth in the sector
China’s attitude towards both blockchain and cryptocurrency has become more flexible in recent times. President Xi Jinping, for example, recently spoke very positively about the technology in a speech.
Yesterday, bitcoin (BTC) made the front page of the state newspaper Xinhua. The newspaper calls BTC “the first successful application of blockchain technology.” Two weeks ago, another Chinese newspaper commented positively on the technology.
According to some sources, China is developing its own Central Bank-issued Digital Currency (CBDC), a digital version of the fiat currency. In October, the country’s central bank, the People’s Bank of China (PBoC), announced that it is looking for six blockchain experts for the development of the CBDC.