The government of China has banned a lot of activities related to crypto trading over the past few weeks. From social media accounts to events, exchanges and even news sites, it seems like China is tightening up the leash on the crypto world.
On the other hand, China’s plans to adopt blockchain technology have been more than just impressive. Over the past couple of months, the country said that it will continue to accelerate the blockchain development – and double its $3 billion investment in the technology until Q2 of 2018.
What many people are asking themselves right now is the following…
Is China ready to innovate with blockchain, at times when it has a clear ban on cryptocurrency-trading activities?
Currently, China sees multiple benefits in the blockchain network because of its operation and its potential to cut costs and increase savings. As you probably know, the blockchain operates without a central authority and is as such the perfect system that satisfies the country’s financial interest.
So far, China has invested more than $3 billion in blockchain-focused funds, despite its heavy crackdown on the crypto publications, news, exchanges, and trading altogether.
The country also encouraged local investment firms, tech conglomerates as well as government agencies to do the same and push the innovation that the blockchain brings – directly to the masses.
Some analysts predict that the blockchain could help China to secure the sectors such as finance, insurance, and supply chains, all thanks to its digital signatures and cryptographic timestamps. Also, the recent effort by the Chinese government to cooperate with Ethereum developers and develop dApps that can be used in the Xiongan New Area region definitely gives people hope that the country is ready for a new innovation – the blockchain innovation.
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"We let the market drive the expansion and selection of the network incrementally. We are really feeling excited that we are on a roll to build something new and revolutionary that's really going to change the landscape of cross-border payments."The reports also show that the Blockchain World Wire provides support for about 50 currencies currently, for payments in about 72 countries around the world. This method makes possible for taking out the intermediary between legacy bank settlement systems with the help of the XLM token because of its immutability and its efficiency as a decent settlement instrument between institutional players. Lund further emphasized in an interview about IBM’s issuance of the settlement asset:
“Our view for stablecoins is really that they should be more broadly accessible and what World Wire seeks to do is to provide fungibility of digital assets across financial institutions.”
Korean IT Conglomerate Kakao Integrates Crypto Wallet For 44 Million Local Users
“Following the integration of Blockchain Keystore on Samsung, the integration of a crypto wallet by Kakao, which is used by the majority of messaging app users in the nation, is expected to expand blockchain services and usage.”Kakao is estimated to have raised about $90 million for its blockchain network Klatyn development and the integration of the crypto wallet is another way to expand and introduce the network to the public. The executives from the industry said that Kakao Talk will be ‘’used as a crypto wallet’’ and will enable users to run multiple blockchain applications but to also send, receive and store cryptocurrencies. One of the executives said:
“Kakao needs a cryptocurrency wallet for users of Klaytn and the best way to roll out the service is to integrate a crypto wallet into KakaoTalk, which over 80 percent of the population of South Korea use to communicate.’’Issuing a public promotion by Kakao is really important for further mainstream adoption. With Samsung and Kakao issuing their own wallets, Korea is among the top countries that will easily make a DLT disruption. If Kakao moves ahead with its plans to integrate the crypto wallet in a messaging app that nearly 10 million users use it in South Korea alone, the most used device in Samsung Galaxy S10 and the messaging app will have native support for crypto. There still hasn’t been an official confirmation from any representative at KakaoTalk. Currently, the sentiment for launching a crypto wallet by Kakao is positive and local investors show optimism for initiatives of this kind that will hopefully lead the country to be the leader of blockchain and crypto development.
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- Ledger Nano S Wallet Receives First Level Security Certificate From French ANSSI
- The Recently Hacked Cryptopia Exchange Will Resume Trading By The End Of March
- IBM’s Now-Live Blockchain Network Wanted By Six International Banks
- Korean IT Conglomerate Kakao Integrates Crypto Wallet For 44 Million Local Users
- Most Cryptocurrencies Report Slight Losses, Bitcoin Cash Grows Continuously
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