China Looking to Spend $2 Billion on Blockchain by 2023

[CryptoBry]

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!

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.

[Murat]

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.

[ttcsalam]

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.

[smyslov]

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?

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.

[Kakmakr]

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.  

[garyrowe]

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

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!

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.

[Youghoor]

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.

[piebeyb]

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!

$ 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

[bounceback]

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?

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.

[matchi2011]

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.

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.

[target]

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.

[pjcaruci]

It will be an incredibly profitable investment

[Eugenar]

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.

[Slow death]

What would be your thoughts about China spending $2 billion on blockchain in 4 years from now?

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

What would be the possible effect in the cryptocurrency market?

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.

[blckhawk]

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.

[coin-investor]

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.

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. 

[Hamphser]

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.

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.

[perfect999]

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.

[the rise]

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.

[Herbert2020]

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.