China Embraces Blockchain Technology and Crypto Integration

• KPMG released a research report showing that blockchain technology was the fifth most popular tech among Chinese fintech companies in 2022.
• The Chinese government has continued to support blockchain-related initiatives, such as the launch of the Blockchain Service Network (BSN).
• Recent reports suggest that Chinese authorities may be looking to make a comeback with crypto integration.

Chinese financial technology companies are embracing blockchain technology in a big way. KPMG’s latest research report indicates that DLT was the fifth most popular innovative tech among Chinese fintech companies last year. With a 33% share of tech adoption, blockchain technology was ranked behind big data, artificial intelligence, cloud computing, and knowledge graph.

The Chinese government has been actively supporting the development of blockchain technology in the country. In 2020, the government launched the Blockchain Service Network (BSN), which serves as the nation’s Web3 standard. The government’s increased support for blockchain-related initiatives has been a major factor in driving DLT adoption.

Although China has maintained its “harsh stance” on crypto since officially announcing its blanket ban, recent reports suggest that the Chinese authorities may be looking to make a comeback in the crypto space. Reports indicate that the Chinese government is considering integrating crypto into its financial infrastructure. This could potentially mean that Chinese citizens will be able to use digital currencies for financial transactions.

The Chinese government’s support of blockchain technology is a clear indication that the country is serious about making DLT a major part of its financial infrastructure. With the integration of crypto, Chinese citizens could soon have access to a wide range of digital currency-based services. This could potentially open up a new era of financial freedom for the country’s citizens.

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