China Looking to Spend $2 Billion on Blockchain by 2023

[Shenzou]

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.

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[Eclipse26]

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

[Reid]

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.

[peter0425]

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

[Meowth05]

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.

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.

[Darker45]

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.

[aysg76]

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.

[fuguebtc]

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.

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.