The ruling party of the Chinese government is enjoying a stretch where everything is turning into gold. The Chinese Ministry of Industry and Information Technology (MIIT) is hoping to extend that.
Speaking to the press during the National Expert Forum on Manufacturing Powerful Countries 2018, deputy director Xin Guobin is reported by Coin Telegraph saying that blockchain is ripe for development. In his opinion-and perhaps, that of the Chinese government-the digital economy won't grow without blockchain at the center of it all.
Chinese president Xi Jinping appears to have grasped the concept of blockchain as well. He praised the concept of it, saying that is part of a totally "new generation of technologies" that is currently changing the way business is and will be done in the near future.
China has been making a slow and steady shift to include blockchain in transactions. Chinese blockchain startups have actually enjoyed a period of growth last year-40 percent of all companies engaged in the blockchain trade sprung up last year, according to Coin Desk.
At present estimate, the Information Center of the MIIT recognizes 456 startups with blockchain as the main purpose or a substantial part of their business. The growth has been consistent through the years; the blockchain companies of 2015 tripled in 2016, with the year after that getting more newcomers until this year.
The sudden influx of blockchain tech companies also necessitates a revamp of the laws protecting investors and businesses engaged in the cryptocurrency trade.
Deputy director Guobin is fully aware of this. He has suggested the enactment of a set of laws that will adjust to blockchain applications and operations. He has also urged the Ministry to look into possible regulatory adjustments with emphasis to making business environments that are conducive to blockchain operations.
The Chinese Central Bank has already answered this call. Currently, it has applied for patenting some sort of digital bank-a currency wallet-that will be used in official transactions as in real life. This is part of its futuristic vision that blockchain will soon be integrated as a normal transaction.
While all of these are happening, however, at least one financial regulator warned against making blockchain into a "myth" of some sort, with regards to the vast potential it holds for a country who wants to lead in technology.
