224 Blockchain Projects in China Receive The Green Light

Zain  |  Apr 28, 2020

A registry addition is needed to be made in China for a blockchain project.  The country lately has stacked up rapid and high numbers when it comes to approvals of these and now it has been announced that another 224 projects have been given the approval.

The blockchain projects will soon enter the production stage. A chunk of these emerges from Beijing, which has almost 40% projects, with 'fintech' being the largest category, having 53 projects.

Many big tech giants and big names in the industry have got the green signal for their projects.  Walmart China's food safety tracing blockchain project has got the approval, along with other big brands from China like Alibaba, China Mobile all getting the thumbs up from the government.  Not just one, but multiple projects from the same institution has been granted the approval, such as China Merchant banks, who received 5 approvals for its work in the field of financial services.

Blockchain Projects A Sign of Recovery

All in all,  the blockchain projects approval is another step in the right direction by the Chinese government to widen its blockchain ecosystem, and many more are in line to receiver the approval by year's end.

After receiving a major bump in the road because of coronavirus, and apparently claiming to recover from it, China has spent the last one month paying a lot of attention to its blockchain projects and technology. There have been steps taken to develop the digital yuan further, along with a national blockchain community being formed with Huawei and Tencent on board.

With the US crumbling disastrously, it seems China is all set to take the lead in 2020 when it will come to the blockchain.

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