Bitcoin, Crypto currency, Blockchain

China’s Blockchain developments will receive 1.5 billion dollars

Two Chinese Blockchain projects have received investments in the amount of 1.5 billion U.S. dollars from the province of Nanjing.

The announcement was made during the “Public Chain Summit”, in which the TokenX Community and the UDAP Foundation funds. The two public Blockchain projects cover a range of industries, including health, energy, the environment and the economy in General. This measure represents a further step on the way to the Integration of the new technology in all areas of society.

While the UDAP Foundation has made it their goal to bring Tokenization in various sectors of the Chinese economy, the business model of TokenX is a mystery.

The movement was followed by an announcement late last month that Chinese research groups had filed 41 patents in relation to a national digital currency. An unverified source has stated that the national currency is striving for a balance between centralised and decentralised systems. The users are supposed to have complete control over your money, since you are the only owner of the private key, similar to Bitcoin, Ethereum and other digital currencies. In the past, China has explained, however, that its Central Bank must have control over the money of the country, which leads to the assumption that it will be for the creation of new coins.

China is moving quickly in the direction of a futuristic economy, where the Blockchain is only a sector of the large amounts of financing and development. Cash has been largely replaced by digital payment solutions such as Alipay and WeChat Pay, and so-called Smart Cities are currently being developed.

This transition to a digital economy, however, was recently a major turning point. Only last year, China it adopted a complete ban on crypto-currencies, exchanges, and ICOs.

As the bans were lifted, the markets recovered in one of the largest economies in the world slowly. The Chinese markets represent only 1% of the world’s Bitcoin trade, which is a dizzying decline, as it was in the last year, the largest market.

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