https://token.security/article/analysis/seven-reasons-china-is-leading-blockchain-development/Seven Reasons China is Leading Blockchain Development
1. The same authority that banned ICO in 2017 also registered the most blockchain patents of any organization in the world that year.
This is according to a report from the People’s Daily. The Chinese central bank has made blockchain a major initiative. As such, the PBOC will play a major role, especially in the development of a Chinese national cryptocurrency (likely to be the first in the world).
2. President Xi Jinping has personally acknowledged blockchain as a breakthrough technology.
As part of China’s national development strategy, the Central Government identifies technologies for double down with initiatives in both the public and private sectors. Blockchain has been identified as one such technology, together with AI, quantum computing, mobile communications, and IoT.
3. The Shenzhen Arbitration Commission has ruled that Bitcoin constitutes personal property.
As such, it enjoys full protection by the law, according to Chinese media outlets. This decision specifically covers Bitcoin (BTC), Bitcoin Cash (BCH) and Bitcoin Diamond (BCD). Among its principle findings is that though Bitcoin exists in the virtual space, it has special characteristics with regards to possession. In addition, the court found that Chinese law neither prohibits the ownership nor transfer of Bitcoin. While not recognized as a currency, the court does recognize that Bitcoin can bring economic benefits to transacting parties. Merchants and retail consumers can thus use Bitcoin as a medium of transaction.
4. China's 13th five year plan (十三五) mentions blockchain twice as a strategic technology.
China’s five year plans are arguably the most important document produced by the Central Government. It outlines China’s key initiatives, concerns, reforms, and accountability metrics over a span of the next five years. The concept of Blockchain (区块链) is mentioned twice in this document, next to other national priorities: big data, advanced robotics education, and accelerated innovation.
5. The top cryptocurrency exchanges were born in China or its Special Administrative Region of Hong Kong.
Binance, Huobi, OKEx were all originally Chinese exchanges prior to the September ban. Despite relocation to Malta and Hong Kong, all exchanges maintain offices and a significant presence in China and Asia.
6. One of the earliest and most reputable digital asset funds in the world was established in China in 2015.
Fenbushi Capital (分布式资金) maintains a reputation as befits its claim of being a venture capital fund: the fund invests only in long-term value rather than just short-term token liquidity events. As such, the fund brings much sought after value-add to the companies it invests in, having made more than 25 high-profile investments to date. Notable investments in its portfolio include Circle, Factom, and VeChain.
7. The BAT (Baidu, Alibaba, Tencent) have all made blockchain implementation a major initiative.
Alibaba has registered 43 blockchain patents. Tencent is developing a blockchain platform targeting prescription tampering. Baidu, interestingly enough for us, has already issued a ¥400M asset-backed security on its Blockchain-as-a-Service on the Shanghai Securities Exchange in August 2018.
