Report Says Vast Majority of China’s Blockchain Firms Have Issued Crypto Tokens

 

 

 

 

 

 

While China has recently expressed increasing support for blockchain technology, the government continues to be resistant to cryptocurrency. However, if new reports from the Beijing Blockchain Technology Application Association (BBAA) are correct, the bulk of China’s blockchain companies have been focused on issuing digital currencies rather than developing blockchain applications.

A recent report from state-run CCTV included remarks from the association’s president, Yedong Zhu, who noted that only about 4,000 of China’s known blockchain companies are focusing on developing applications using blockchain technology. According to Zhu, the remaining companies have issued or attempted to issue their own digital currencies:

“25,000 companies are issuing coins, and about 4,000 companies are doing applications. The first thing we must pay attention to is to prevent risks. Don't take these illegal fundraising and some companies such as financial scams, think that it is a blockchain application enterprise, high-tech enterprise to focus on support, or introduce blockchain technology. It is not that mature yet, or there is still a lot of room for improvement in the development process.”

That revelation comes as a new study from the People’s Bank of China, dubbed the Bluebook on Blockchain, provides new insight into blockchain and cryptocurrency activities inside China. The Bluebook reportedly found that more than half of the country’s blockchain enterprises are located in a single Chinese province – Guandong. The report also alleges that the online fraud portion of the so-called black industry now accounts for some 110 billion Chinese yuan.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

Share This Post On

Submit a Comment

Your email address will not be published. Required fields are marked *

  Subscribe To Newsletter
Subscribe to Our Newsletter

Keep up to date with the latest from DCEBrief

* we hate spam and never share your details.
×