Now that China has the worst of the COVID-19 pandemic tentatively under control, it is once again looking at emerging technologies to give itself an edge. Could its blockchain focus be the dominant narrative for the cryptocurrency market in 2020?
The pandemic may have stalled China’s blockchain aspirations temporarily, but the country is slowly but surely picking up momentum again. Multiple announcements made recently demonstrate that blockchain technology is fresh on the minds of the Chinese state and tech giants in the country.
The Chinese Catalyst
Last year, the cryptocurrency industry was shocked by what was one of the biggest stories of the year: President Xi had made blockchain technology a core focus of the country’s national strategy.
Now, it appears that the country is once again ramping up its blockchain focus. Recently, BeInCrypto reported that the ‘digital yuan’ concept was being finalized. Leaked images allegedly show a demo that is close to full public release. Alibaba has doubled-down on blockchain-as-a-service technology as well, along with other Chinese tech companies who now see it as an opportunity.
If China continues to aggressively pursue blockchain technology in 2020, then this could be the catalyst for the entire cryptocurrency market to boom.
china blockchain narrative that lead the run in early 2020 returns https://t.co/SpaC3npOae
— loomdart IS COPING (@loomdart) April 16, 2020
‘A Sovereign Blockchain’
The greater blockchain industry is hoping that China’s investments will spill over and benefit the entire sector. However, this is uncertain. As of now, the country seems committed to its idea of a ‘sovereign blockchain’ and converting some of its fiat currency to a blockchain-run state system.