According to Beijing Blockchain Application Association President Yedong Zhu, 89% of all blockchain firms in China have tried at some point or the other, to produce and release their own digital tokens. The news comes as the blockchain and crypto space in the country have been making the rounds for a while now.
Zhu said that the 89% account for 25,000, adding that the remaining 4,000 have been strictly focused on blockchain applications.
Chinese authorities have also released a publication called the “Bluebook of Blockchain.” The publication was birthed by a collaboration of about 5 authorities and contains information about the sector in country. The bluebook specifically says for example, that while technology has done a great deal for the improvement of China’s financial atmosphere, it has also created a “black industry” which has facilitated internet fraud. The black industry is said to be responsible for fraudulent activity worth 110 billion Yuan, ($15.6 billion).
This blockchain bluebook is just one of three bluebooks released by the agency with the other two focused more on technology. The agencies include the People’s Bank of China (PBoC), the Beijing Blockchain Technology Application Association, the Chinese Academy of Social Sciences, the Social Sciences Literature Publishing House, and the China Payment and Clearing Association.
Ever since President Xi Jinping’s endorsement of blockchain technology, China has been in the news with many stories in the sector.
Image Credits: Pixabay