The Largest Cryptocurrency Exchange Huobi Is Into The Development Of Blockchain In China

The team of the Chinese division of the popular digital asset exchange Huobi has become part of the State Blockchain Alliance of China. Information about this appeared in local media.

The blockchain service network (BSN) was organized by the State Information Center of China (SIC). The aim of the project was to unite industry representatives to develop smart cities and the digital economy of the country. It is known that, along with Huobi, a number of other organizations were included in BSN, including the payment system China UnionPay, telecommunications companies China Mobile and China Telecom, as well as two banks: China Merchants Bank International and WeBank.

Huobi China CEO Euming Yuan believes that the entry of the Chinese division of the exchange into BSN will create a platform for educating thousands of people about blockchain technology.

In early autumn, the Huobi team announced the opening of units in the Hainan Province of China. Yesterday it became known that a regulatory sandbox model was adopted in the jurisdiction, in which specialists will test the capabilities of fintech and blockchain technologies.

China’s Position At Blockchain and Cryptocurrencies

At the end of October, President Xi Jinping announced the country’s choice of a blockchain course. Subsequently, a regulator was established in China to certify fintech products. It has also recently become known that a national blockchain committee has been launched in China.

The work on joining forces in the blockchain direction is being conducted in parallel with the development of a national cryptocurrency. According to the latest data, the launch of the digital renminbi should take place within a year. At the same time, participants in the cryptocurrency community of China believe that the country will attract Wechat and Alipay to spread the state cryptocurrency.

Against the background of preparations for the release of the digital Renminbi, the Chinese authorities abandoned the fight against miners. Despite this, further information appeared on the network that inspections of crypto miners were organized in the PRC.

According to the participants of the crypto community, the contradictory rhetoric of China can adversely affect the value of bitcoin. Users on the network believe that despite the adaptation of the blockchain in the country, the negative attitude of the PRC authorities to cryptocurrencies can cause a lot of problems.

Discuss