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Blockchain development in China will see a compound annual growth rate of 65.7% from 2018 to 2023, according to new research by IDC.
Chinaâs spending on blockchain technology will exceed $2 billion in 2023, official state-run publication Xinhua reported on Nov. 10. The report claims that blockchain development in China will see a compound annual growth rate of 65.7% from 2018 to 2023.
Chinaâs banking sector responsible for the bulk of blockchain spending in 2019
Citing a study by American market intelligence firm IDC published on Nov. 7, the report says that the bulk of Chinaâs blockchain spending was geared to the banking sector in 2019. Other high-spending industries reportedly included manufacturing, retail, professional services and process manufacturing.
Xue Yu, a researcher at the IDC, claimed in the report that official recognition will push blockchain application and generate growth of spending in the sector.
Earlier this year, another report suggested that blockchain solutions spending in the Asia/Pacific region excluding Japan will hit $2.4 billion by 2022.
Xinhua calls Bitcoin the âfirst successful application of blockchain technologyâ
After forecasting a solid growth rate for blockchain over the next 4 years, Xinhua published another industry-focused article on Nov. 11. Xinhua, which is by at least one account the worldâs largest news agency, exposed millions of Chinese people to Bitcoin (BTC) by claiming that Bitcoin is âthe first successful application of blockchain technology.â Some online commentators considered the coverage the âfirst time Bitcoin got such positive exposureâ from the Chinese government.
Xinhuaâs reports follow a new wave of interest in crypto and blockchain in China that were purportedly triggered by Chinese presidentâs call to embrace blockchain tech. Other government-led media continue to reiterate the popular âblockchain, not Bitcoinâ narrative despite new reports claiming that China will stop considering Bitcoin mining illegal.
Earlier today, the financial tech arm of Chinese e-commerce giant Alibaba, Ant Financial, launched tests for its enterprise blockchain platform.
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