Two Chinese blockchain projects have received $1.5 billion of investment from the country’s Nanjing province.
The announcement came during the Public Chain Summit, with TokenX Community and UDAP foundation set to receive the funds. The two public blockchain projects cover a range of industries, including healthcare, energy, the environment and general economy. It’s a move marking another step on the countries path towards integrating the new technology into every level of its society.
While UDAP foundation has made clear its aim to bring tokenization to various sectors of the Chinese economy, TokenX’s business model remains a mystery.
The move follows an announcement at the end of last month that Chinese government research groups had filed 41 patents related to a national digital currency. An unverified source has stated that the national currency will seek a balance between centralized and decentralized systems. Users will allegedly have complete control over their money, being the sole owner of private keys, much like Bitcoin, Ethereum, and other current digital currencies. In the past however China has stated that its central bank must have control over the country’s money, leading to the assumption that it will be in charge of the creation of new coins.
China is rapidly moving towards a futuristic economy, with blockchain being just one sector that is receiving large amounts of funding and development. Cash has already been largely replaced by digital payment solutions such as Alipay and WeChat Pay, and so-called smart-cities are now under development.
This shift towards a digital economy has been a recent turnaround however – just last year China issued a complete ban on cryptocurrencies, exchanges and initial coin offerings.
While the bans have been reversed, markets have been slow to recover in one of the world’s largest economies. Chinese markets now represent just 1% of global Bitcoin trade, a staggering fall from being the largest market last year.
Follow us on Twitter, Facebook, Steemit, and join our Telegram channel for the latest blockchain and cryptocurrency news.
- Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
- Bitcoin Mining: China Has Sought Public Opinion For Unbanning
- Weekend in Review: Bitcoin Superstore adds TRON, China bans crypto-related activities, Elon Musk Hacked
- Shiba Inu to Reach 1$ soon? This New Upcoming Development Proves it Right
- How did Crypto Regulations Affect the top 5 Cryptocurrencies?
- Crypto War-Zone: Corporate Coins Waging an Arms Race
- IBM Open to Working With Facebook’s Libra Crypto Project
- Replace Cash With Digital Currency, says Kenyan Blockchain Task Force
- Big News: Ripple Price is about to TRIPLE? This News Confirms…
- China bans all crypto-related commercial activities
- China to Publish Monthly Analysis on Blockchain and Cryptos
- Venezuela’s Petro and Iran’s Crypto Token to Launch Soon
- Ripple Price Prediction – How High will XRP Reach in 2025?
- Iran To Lift Cryptocurrency Ban In September
- Turkey most likely candidate for mass cryptocurrency adoption
- How High will XRP Price reach after Ripple wins the SEC Lawsuit? XRP 3$?
- China’s Bitcoin Ban, Crypto Endowments, & Arbitrage bots
- Chinese Social Network Tianya to Launch Cryptocurrency
- News from Asia: Bank of China Joins Blockchain
You might also like
More from Crypto
TOP 10 Undervalued MEME Tokens after Pepe – 2023
Meme coins are emerging as a promising option. This article is all about the top 10 undervalued meme tokens after …
Say Goodbye to DOGE and Hello AIDOGE! Prices are up by 150%?
In this article, we will explore ARBDOGE, its key features, and why it has gained attention in the world of …
Turbocharging the Crypto World: ChatGPT Coin TURBO Surges 2,000%
This article details the journey of creating TurboToadToken developed with the assistance of GPT-4. Let's take a look at this …