All you need to know about crypto marketing strategy in China
Blockchain,Cryptocurrency, NFT…Such top popular keywords are becoming more and more familiar with people around the world, 区块链，加密货币， they are spreading quickly same in China.
These are latest technological trends in the world. Distributed ledger technology is revolutionizing every sector of our life at a rapid rate since its inception. As the world is embracing cryptocurrency with open arms, the fascination for cryptocurrencies like bitcoin, Ethereum, and blockchain has reached an all-time high.
Lately, a lot of people have started talking about blockchain technology development in China, how to promote blockchain project to China. If you're one of those people who wants to learn what it is and how it works, you've come to the right place.
What is status for Blockchain Industry in China
The Chinese central government says a blockchain industrial ecosystem is required. Efforts should be made to deepen blockchain's economic integration.
Authorities define industrial policy based on regulatory frameworks and use cases. In 2020, China's national ministries, province governments, and provincial capitals enacted 217 blockchain-related policies, rules, and programs.
Blockchain technology firms have expanded efforts to address technical industry support. Blockchain startups abound. Since 2019, 57 percent of 1,000 blockchain-related businesses are startups, while just 23% are typical IT firms. Internet behemoths like Baidu, Alibaba, Tencent, and JD.com are aggressively expanding blockchain application designs.
Financial technology or "fintech" is one of the biggest uses of blockchain in China. Blockchain-backed initiatives have featured virtual currencies, supply chain finance, and transaction processing. This includes anything from Bitcoin to Libra. Fintech encompasses organizations that are using new technology to both enhance and disrupt the financial industry. Fintech adoption in China is at an 87 percent rate, according to a 2019 EY analysis that surveyed 27,000 customers in 27 regions.
Despite China's restriction on initial coin offerings,the Deputy Director of the PBOC has reiterated China's commitment to the development of its own sovereign digital currency.
Currently being tested in major cities, this money will be made available to commercial banks by the central bank for their consumers to receive and use using digital wallets or other apps. The currency's issue using real cash would be expedited to minimize the impact on the economy.