Today’s blockchain news show a lot of positive vibes coming from China. According to the news, digital transformation is a priority for the country and as the chairman of Minsheng Bank Hong Qi said, tech like blockchain is the best way to proceed in this manner.
A February 4 report fully outlined Qi’s statement which showed the following:
“The full adoption of digital technologies such as blockchain is expected to accelerate the digital transformation and upgrade its agriculture, manufacturing, finance and other services in the next 10 years.”
Currently, China Minsheng Bank is the first national commercial bank that is owned principally by non-government enterprises. The bank is famous for making loans to small and medium sized companies and is one of the earliest adopters of blockchain technology in the Chinese banking sector. Tech like blockchain, according to the chair of the bank, could push the regulation crypto exchange climate and make sure that the country is heading in the right direction.
Right now, bankers in China believe that blockchain is on a good way towards changing the core standards of the financial systems. As the cryptonews today show, they believe that the technology has an overwhelming impact upon the foundational systems of the existing banking system and the relationships between the participants.
In December 2019, news broke that the Bank of China had issued around 20 billion yuan ($2.8 billion) in bonds to small and medium sized businesses using tech like blockchain. Several months ago, we also reported that a new and independently-developed blockchain based smart city identification system was launched by three institutes based in the city of Shijiazhuang in North China’s Hebei Province. Then, over 10 million blockchain-based invoices were issued in the tech capital of China, Shenzhen.
Tech like blockchain can give China a significant boost and make it a pioneer in many fields. The reality is that many entrepreneurs, analysts, people in the tech scene and regulators are not turning their backs on blockchain which could be good for the future of crypto in China.
Meanwhile, the cryptocurrency news and updates show that the market is suffering today following days of green movements. However, all of this could change soon if the bulls regain their territory.
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