We have more than once reported about the triumphant progress of blockchain over more and more countries.
Here is another piece of news from China.
The Chinese authorities are displaying increased interest towards the distributed ledger technology that forms the foundation for cryptocurrencies. As the local media reports, the local governments of Shenzhen and Hangzhou are planning to invest a total of $1.679 billion into a blockchain fund that will grant money for development of certain projects. It can be said that this is the largest investment into the blockchain sector by a government entity to date.
The breakthrough in blockchain adoption is expected due to the increase in the adoption of the Internet in China: despite the figure reaching 772 million users nationwide it is still three times as high as the similar figure for the US, however, the Internet connectivity remains significantly lower than the US – 55% against 89%.
Although if the Chinese authority is ready to spend money on implementing blockchain, they are reluctant to allow ICOs.
