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The Chinese state is constantly expanding its blockchain industry. Suzhou is the next city to get a boost with plans to build a district dedicated to startups in the blockchain industry.
Around 36 blockchain companies are already based in Suzhou. The emerging sector will focus on research, development and applications.
According to the Chinese government, some of the Suzhou-based blockchain companies are the Tongji Blockchain Research Institute, Aershan Digital Technology and Xiaowei Cloud Chain. The government’s announcement was published in the Xinhua Daily yesterday morning.
Will China Lead the Blockchain Industry?
China has recently increased its investments in the blockchain sector. In April, The country formed a national blockchain committee to decide on standards for the industry.
BeInCrypto reported that committee members include Huawei, Tencent and Ant Financial. Taken together, speculation about whether the “China Blockchain Narrative” will lead the cryptocurrency market in 2020 could come true.
China is beginning to attract competitors from neighboring countries for this area. As BeInCrypto reported, the The South Korean government is examining a $ 400 million fund for blockchain research and development to boost the emerging digital economy and keep pace with China’s growing dominance in this sector.
The Asian continent will dominate the blockchain
The crypto industry is barely a decade old, but it has come a long way since geeks were mined Bitcoin in the video game towers of their garages. Nowadays, Eastern nations compete for cryptocurrency and blockchain hubs while the United States is in danger of being left behind.
With clearer regulations and competition between central banks to develop digital currencies, Asia is a leader in the cryptocurrency industry. This trend will continue in 2020 as the western nations are stuck with their own bureaucracy.
Meanwhile, things are moving at a snail’s pace in the west as U.S. regulators continue to shift their rankings. The clear leaders of the blockchain industry are all in Asia right now and this trend will continue this year and in the future..
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