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China, the country that has recently jumped hard onto the blockchain train, will spend over $2 billion on blockchain technology come 2023.

According to a report from the International Data Corporation (IDC), a global market intelligence firm, the country will see an estimated increase of 65.7% in “annual growth rate” from 2018 to 2023.

Here is the source link for the news (https://beincrypto.com/china-looking-to-spend-2-billion-on-blockchain-by-2023/?utm_campaign=amba&utm_medium=social&utm_source=bitcointalk&utm_content=jc)

I would honestly say that since China censors anything that is anti-blockchain, this is a very good sign that they would finally adopt the blockchain technology in their country. Not only that, they removed cryptocurrency mining from the list of banned industries in the country.

What would be your thoughts about China spending $2 billion on blockchain in 4 years from now? What would be the possible effect in the cryptocurrency market?

Let me know your honest thoughts, comments or feedback about this one. Thanks in advance!

Even prior to their current statement supporting blockchain,  China Already Leads The Patent Race (https://www.cpaglobal.com/cpa-global-blog/blockchain-technology-china-leads-the-patent-race).

So obviously, they have embraced blockchain so I'm not surprised that they are going to spend huge amount as per the article in the next coming years. What will be effect on crypto? I guess we will have to see, I mean we all know that blockchain is not equal crypto, so we can't really say that it will bring positive news to the whole market in general.

One thing's for sure, "China Looking to Spend $2 Billion on Blockchain" doesn't necessarily mean that China will be buying bitcoin or cryptocurrencies. As far as I know, it's most very likely for them to use the said money to build their own blockchain, most possibly for them to have greater surveillance over their citizens. If anything, it gives "blockchain technology" more legitimacy worldwide. Now, will that impact prices? Maybe, maybe not.

234252344th article we read about China. But we hear different things every time. Nevertheless, as it is the country with the greatest potential among Asian countries, China's decisions are very important. I don't know if China's Blockchain investments will make a direct contribution to cryptocurrencies. But it will increase the awareness of Bitcoin.

It's quite a paradox that communists which are supposed to be more outdated and more conservative(against new technologies) are investing more and more into blockchain tech while I don't hear much hype from the USA or great Europe countries like Germany or France.. They'd better step up their game or China will take the lead if it is not already leading.. Blockchain is just a more efficient way of doing things that also adds transparency, immutability, etc. to the process. Blockchain doens't mean cryptocurrency though.

If i  will see it i will believe it.
These are just word and often it happens when some people talking about investing in blockchain they have no clue in reality what it is.
They want to pretend as innovative and with knowledge when this is not true.
Only true usage of blockchain is Bitcoin and it will be hard to push it for elections because goverments want to control it themselfs, not by some technology they don't understand in million years.

It's China - I think it's pretty apparent that they are undergoing something called Industry 4.0 (which is when a country or economy starts to focus on technology like blockchain's, robotics for more automation in the future).

It's going to be interesting to see how well that 2 billion is going to be spent, it's no doubt that China is a huge economy but how they spend all of this money is going to determine if they end up leading the blockchain revolution, or become a laughing stock

China can easily say that Bitcoin is bad, because it's used by terrorists or whatever other excuse they might come up with to ban it. You seem to think that Bitcoin is a part of some "blockchain technology", but people who advocate for blockchain tend to criticize and dismiss Bitcoin. This was even coined in a "blockchain, not Bitcoin" phrase that was popular a few years ago. All these companies and governments view blockchain as a tool to gain more power, they don't want no decentralization and freedom for regular people.

This is very bad news for Bitcoin and Blockchain Technology Altcoin holders like ETH,EOS,ZIL and many more. With this funded research about blockchain. I sure that they will come up to the most fastest and advance blockchain in the world by 2023. This will be another breakthrough for China to advance there economy standing against their leading competitor USA that still don't support blockchain. I'm sure that USA will make a big move soon and will not let China on this economic war. Maybe they will approve already Bitcoin ETF.

Communism in China is adapting, it is the only way for China to compete with Western democracy. The government has nothing against technology if it is the one who controls it, and blockchain is obviously something that is recognized as a technology that will be of great use to such a large country.

The problem for the USA or EU is in what we call democracy, decisions are difficult to make, and there are too many conflicting interests which are slowing progress in some areas. In China there are no such problems, the Communist Party makes its decisions unanimously, and people just have to accept it.

Some may say that the EU is not doing anything when it comes to blockchain, but that is far from the truth. Maybe China just reacted to the move of EU.

it's such a great relief to see the Chinese country finally adopting the blockchain technology with such a huge investment. I think the government of Chinese has now realized the huge impact and economic growth that blockchain technology can offer to them hence the reason for spending such a huge amount of money on this initiative.

China is looking up to be the leader in blockchain technology the same way it wants to lead in every technology and innovations.
But the blockchain being talked would have no virtues like anonymity or financial freedom. It would be a public ledger and all the information shared to at least CCP.

China is going to make own Crypto for the reason it's government feels threatened by the coming revolution. It is exactly the same with Facebook(Libra), Venezuela (Petro) and the banks(Ripple). also China Government loves blockchain, now you can't stuff paper money under your mattress, to be apart of society you will have all your money on a public governmental China's Communist Party blockchain.

It's good and bad. Implementing blockchain in society helps people understand the underlying principle of how the BTC ecosystem works. However, this is not the way that paves to mass adoption. Now every citizen will be assigned a wallet on their blockchain and every purchase will be monitored by the government. So we continue to wait as politicians slowly come to light with FIATs epic collapse. The fact that they are still ignoring the problems we face with our currency just means the crash will be that much more epic. China will be the first.

China has been on the sideline as regards to Blockchain technology, its adoption and application. But with the move they made recently, they are really creating much waves at the moment. I won't be surprised if China turns out to be the world's Blockchain Power in the nearest future. This will surely shake other countries up, maybe the massive adoption we are predicting is gradually getting started

As one of the world's largest economy, it is not surprising that China is looking to spend this huge amount of money to one of the top technologies of this generation. Doesn't really mean they are into bitcoin but they want the technology behind bitcoin to provide better surveillance or services for their people.

This spending has very little to do with cryptocurrency (https://bitcoinist.com/blockchain-spending-in-china-to-exceed-2-billion-by-2023/). The mantra "blockchain, not Bitcoin" comes to mind:


As such, it's difficult to say what effect (if any) this will have on the cryptocurrency market.

But they don't have that backward mentality that other communists country that still exists to this day. They have grow so big right now that US is really threaten, so I wouldn't be surprised if they are in the forefront today. But yeah, we all know that this move has nothing to do with cryptocurrency, blockchain ≠ crypto. They just see blockchain technology as something that can really improved their efficiency say for example, in their mass production, "Made in China", thingy.

As always, China is always one step ahead in cryptocurrency matters. Since Xi Jinping has said that China will explore research on the uses and opportunities that exist on the blockchain. And I'm sure people will not be surprised by China's move to spend billions of dollars to develop a massive blockchain in China.

They need to conquer everything for them to become stronger, and spending a lot of money on this project is a very serious work for them. They have the money to support this project and we know that China wants to control the market and if they did a better job on this, their people will still be using a centralized technology that is under the government of China. I just hope that they don't control the whole market, we still need to be decentralized here but this is good progress.

They’d probably be looking to capitalize on them being the leader of blockchain development to establish rules and regulations that are aligned to their goals/aspirations that they want to achieve. Having said that, I don’t think that everything will be open and decentralized as they can be, or at least what we know how blockchains work. I’m still keen to know how would China oversee anything and how would they be able to facilitate and use the $2B investment on the said aspect of technology.

China has the money to spend on anything the government thinks has a good future and can be helping the country in its quest to soon kick USA on its butt from the global leadership. Soon we can see China rising into the sky and claiming the whole world for itself as far as economic clout and influence can be concerned.

Now, the country is fully realizing that the blockchain technology can be one of the many tickets it can use to arrive at the kind of future it envisioned. China is an entrepreneurial country that can sense a good opportunity miles away and it won't stop until it gets what it wanted and that is global domination in many fronts.

The turnaround with the use of the blockchain technology and the plan to release the gargantuan funds necessary for the development and research on the blockchain technology plus the softening on the policy for the many Bitcoin miners can be heralding a new era...and many are hoping that this era can be able to produce the cream on the top: that of China officially recognizing Bitcoin.

The world is about to ride the China train. And it is to be fueled by the blockchain technology.

That's a good step from China government. Since this type of step will not bring any positive effect on the cryptocurrency market but it's almost near to the ultimate victory of Cryptocurrency platform, I think it's not about blockchain system it's all about this technology, If really China will donate 2 Billion on this purpose then Bitcoin will face a little bit competition because of not having any legal status of this platform, on the other hand, China will try to impose so many restrictions on Bitcoin and cryptocurrency platform, that's why it's not all about a good news for this cryptocurrency system. in the future, in China, it would be a difficult task to carry out the related task of cryptocurrency.

If the news is implemented. It will have a nice effect on the market. The cryptocurrency market will gain a lot of growth. Not everyone believes that China is technologically advanced. Therefore, if China is associated with this market, the market will develop a lot.

They are really dead serious and it started since Facebook plan to launch their own coin, and since they have all the resources they need and of course the money to go with it, I'm sure they will make a huge impact in the Cryptocurrency community, it will only validate that blockchain and Crytocurrency are here to stay because two of the soon to be big players are coming now into the picture, Facebook and China.

They are spending that amount of money on developing the competition for Bitcoin and not in Bitcoin it self. The global trend these days are for people to develop their own Blockchain based technologies and not to use the Bitcoin token. The main reason for this is control and the Chinese government are control freaks.

So, you can understand why they are not simply using Bitcoin for these projects, because they want to control the whole project. This is a tragedy for the Chinese people, because China will soon eliminate cash with it's anonymity and replace it with a Blockchain technology that would give them full control over their citizens wealth and financial data.  >:(

From the day the news on china president stand on blockchain broke out, according to https://www.google.com/amp/s/www.coindesk.com/president-xi-says-china-should-seize-opportunity-to-adopt-blockchain%3famp a renewed hope for mass blockchain adoption was born. With China taking a lead role in exploring the opportunities inherent in blockchain tech, more and more countries will definitely follow and this will no doubt mark the beginning of mass adoption we have been expecting.

For my analysis, there are two sides of this statement  "China Looking to Spend $2 Billion on Blockchain by 2023" . I think China is very interested in the blockchain technology rather than cryptocurrency or Bitcoin. This might not really have any significant impact on cryptocurrency and  bitcoin. I think China is looking forward to use blockchain technology in a different way rather than a platform for cryptocurrency or Bitcoin.

$ 2 billion is not a small amount of money, I think they want to develop something bigger and better than the blockchain technology that ever existed, I want to see what they develop in the next 4 years, no matter about the US which is far behind now by China

If asked what is the effect on the crypto currency market, it will certainly have a good effect on the crypto market as well as Facebook who wants to launch Libra, sometimes people don't have to know other crypto currencies like bitcoin, there are other things they might have to know and finally leads to bitcoin and other cryptocurrencies

the Chinese government they are always developing any technology in their country as we have seen lately they collaborate with blockchain technology with the aim of creating their own digital currency that runs on the blockchain system, even though in China blockchain technology has been formalized but we cannot say it will very influential in raising the price of the crypto market because so far no one really knows about the market trading volume in the country.

We never know what inside this leader's mind though he's open for blockchain system and he wanted to maximize the full advantage of this system we can't remove the fact that crypto is inside blockchain and is all about money and power. China being well known about it's desired to make more impact inside the world economy can also use this system to the extent of using also crypto currency.

I can't wait for the development, China I think will dominate and they have foreseen this to happen since their economy is one of the biggest among the countries in the world. We may see the cross chain system or atomic swapping besides the ones we used these days which will help us trade economically with the money of the governments which is like the chinesecoin, people's digital currency like BTC and other decentralize coins and then there is the institution's cryptocurrencies like the JPmorgan coin and facebook's libra.   These are the kinds of coins that will battle in the future.

It will be an incredibly profitable investment

It would be good if they will not wait for 4 years, because spending 2 billion dollars in blockchain is a big amount to consider, and time is a precious entity we have for development. Let's think about it, if they will wait that long, innovation that they might discover or create if they will invest now will not be achievable. If they already have the resources, they should utilize it and become the leader in blockchain technology.

China is a country that does not want to be behind other countries in the economic and military domain, but while China wants to grow very economically and surpass all countries in the world, they do not want a democracy that all countries in the world have. things like press freedoms and every person's right to be free is something the Chinese government doesn't want.

Chinese government is more likely to use the blockchain to control its people


The Chinese government has an interest in blockchain, they have no interest in bitcoin, this is because many countries have not yet legalized bitcoin either.

I don't think it would have any significant effect, and maybe rather worse. Considerinh the amount of mining nodes located in China (Bitcoin) and its population that is also a factor to consider in current market numbers, Chinese people, when they become attracted to China's own cryptocurrency, might consider to switch. Having known that Chinese Government has stated that their cryptocurrency would be backed by their gold reserve, people may shift and demand for Bitcoin and other altcoin might be affected, or also possibly not.

It's a huge amount for a country to spend that amount on a new technology that they use to ban, with that amount they will have in command on everything related to their project, they can do massive marketing employ the best people and even pirate people from the other projects, we are only thinking of it's potential when it finally launches, we will see it's greater impact in the market and global as well. 

The article said it was planned, why would you rush things like that? Considering the situation of their economic status, everything should be carefully planned because if you rash things without planning do you think you have the time to turn back if things go wrong?

It is good to know that their leader is backing up the blockchain technology for their future investment but sadly they don't support bitcoin. But anyway, they do support other altcoins too as i think they saw the potential of it to spread the use of it on their people.

China likes to dominate, and I am sure that they will be spending that four years to design a cryptocurrency that they might want to use in dominating the market by studying the behavior of every existing cryptocurrency, looking at their weakness and how to build theirs on the weakness of those cryptocurrency and I think that it is a perfect thing that china is no longer amongst the list of countries that were initially antagonizing the blockchain Technology, and at least by that 4 years, I know that the market is going to bubble again.

The only disadvantage I may like to speak of their coin is that they will be creating a centralized coin, which may make people to withdraw from its usage and till giving bitcoin the more upper hand that the coin.

I am very curious about in which sector this budget will be used, whether only in the middle socioeconomic (startup) or directly to the larger sectors such as banking, health, and the military. This will greatly affect the implementation of the blockchain itself. It is very true that if they really fight for patents, I am only interested in continuing to monitor whether their outreach to the macro-national sector or not.

most of the sectors you named won't even go well with blockchain technology because their needs don't match what the technology offers. the only possible thing remaining is the banking sector and based on what i have heard and also based on what we have seen from other countries such as Venezuela there is a good chance that the funds is going to be spent in banking sector and in creating a centralized government owned coin.

We have to keep in mind that blockchain technology doesn't necessarily mean crypto, it is a system of its own that could be implemented into any domain that is based on relations between tow individuals or more, which includes services, financials and many more, although China has stated in many occasions that they are and they will be working on creating their own cryptocurrency  since it has become a very popular and a raising filed that has a high potential, i still think that they are more invested in the blockchain as a system for other things rather than just sticking to crypto.

I have no issue with it since it's not my country and China aims to adopt blockchain which is good for us. China is a rich country so I guess they're capable enough to spend such amount of money for something they want to develop... For me Blockchain Technology is worth spending and investing on. It's for the future afterall and they're the one who will benefit from it. And when they have successfully adopt blockchain, it will cause a good impact on the price of bitcoin just like what happened recently

As I thought, there will be another news about them.
This will keep going on.

First, the blockchain news by the President.
Then, it was followed by the news of lifting the ban for mining.
Now this. There might be more the next day or a week.
They might really be finished with whatever research they have done or, there could be a beta test on going.

for sure theres a hidden agenda on this,either  china will use the said amount to make their own blockchain that may effect the lowering of crypto prices if happens,or they are looking for something productive inside crypto market,but either way?i am sure the impact in crypto market will not be Good as many expecting,IMO

Even so, I think this will not have a huge impact from Bitcoin in general, remember that Bitcoin is different from Blockchain. The fact that China will release their own digital currency this might be used as a support for their existing currency. Perhaps, this big country wanted to be the first country that will use this kind of technology so that they can dominate the market, monitor its people and probably to defeat the US in economic war.

Here is one of my totally honest thoughts on this. This is possibly the start of a central authority trying to dictate on a decentralized game. This is typical China playing its old role. I am already afraid of the extent of the possible effect of this to the beautiful cryptocurrency or blockchain that we know now. This is just the start and we are already seeing a couple of billion dollars. This might balloon in the months or years following 2023. With this happening, I cannot but imagine billions of termites crawling under and within the walls of a beautiful house.

There are many statements regarding China but i don't think they will be willing to legalize cryptocurrencies in order to defeat decentralized system by adopting blockchain technology and trying to create their own centralized coin.But what impact it will have on prices can't be speculated at current so all we to do is wait for time as China is major gameplayer in crypto market.

That's correct. Moreover, I don't think 2 billion USD is that much huge money to have any significant effect on Blockchain and Cryptocurrency market. It may create a short bullish run like the one we saw on the previous statement by the Chinese president on Blockchain Chinese President calls for blockchain innovation (https://www.mobilepaymentstoday.com/news/chinese-president-calls-for-blockchain-innovation/).