According to many experts, China’s efforts on adopting blockchain are not unnoticed. In 2018, China will probably surprise the world with what the country prepared for long and change the crypto world.
Now, how would China do that?
Rumors say that China is going to be the first major country to launch a central bank for digital currencies (CBDC) which will see a large blockchain implementation in the retail and the logistic industry. Everything will focus on a blockchain solution developed by Chinese companies.
If you are asking yourself how this could be possible given the cryptocurrency exchange ban that happened in September this year, there is an explanation for that too.
As you may not know, China’s attitude towards central bank digital currency and blockchain has always been positive. The government has been carrying out relevant research on the topic and made the currency rise to the level of national science and technology strategy.
Basically, China wants to learn more and more about cryptos before allowing them and has already set up a digital currency research group that is actively working on that matter for more than 3 years. This group is studying both the digital currency issuance and the business operation framework that would need to support the launch of such technology.
There are many startups that are taking advantage of the fame of cryptocurrencies and ones that will potentially adopt blockchain in retail and logistic companies. One of them is VeChain, which is a Chinese-owned enterprise designed for tracking and managing red wine imported from overseas.
In parallel, the government of China will notice this and likely introduce new experiences to customers. So, it is true that 2018 will be a major year for cryptocurrencies – but will these rumors be true with China paving the way to new success?
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