WeChat, the Chinese messenger app and a rival of Whatsapp, is experiencing increased searches for keywords blockchain and Chinese blockchain firms. The increase in interest in the Chinese public came after President Xi Jinping of China announced plans to increase investment in blockchain technology a few days ago.

Soon after the initial response from the president, People’s Bank of China (PBoC)’s technical head has also asked the banks to be more involved in blockchain development and application for digital finance according to a Reuters report on 28 October.

While the government is varied on the use of cryptocurrencies like Bitcoin, they have still shown some improvements in their approach towards allowing new technologies to develop in the country. The government is also reportedly considering a Central Bank Digital Currency (CBDC) in the future as an alternative to popular cryptocurrencies. Much of China has now shifted to digital payments and cashless transactions have increased considerably.

With the latest push from the government to increase the traction of the blockchain industry and invite investment from all around the world, a cashless China might be around the corner.

 

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