I wasn't aware that there were any blockchain startups in China. It seems like a totally stupid place to attempt to do crypto business and that's long before the shutdown. The Chinese government hasn't let anyone use crypto for any type of commerce since 2013.
Interesting note. I wasn't aware as well that there are blockchain startup around China. Japan also haven't much as well, but the government is encouraging entrepreneur to apply blockchain and even has its own funding. But as far as China goes, how can you do fintech or blockchain startup if they have already shoot the idea to begin with? And maybe he is right, only those big companies back by government or investors will really take off. One by one we are seeing how China's corruption takes into account here. Only the few and privilege individual can take advantage of blockchain because they have money to pay those corrupt government officials. The normal people can't do anything but watch from the outside.