China Is Expected To Become A Blockchain Leader

China Is Expected To Become A Blockchain Leader

Brian Behlendorf, the executive director of blockchain consortium Hyperledger, foresees that China will become a leader in developing blockchain for trade finance.

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Brian Behlendorf, the executive director of blockchain consortium Hyperledger, foresees that China will become a leader in developing blockchain for trade finance.

In an interview with GTR media in Hong Kong, Behlendorf made a point that Bejing hosts a significant number of Hyperledger developers, adding that Chinese banks and companies are moving projects into the production phase.

Hyperledger has been working in China for a number of years, attracting Citic Bank, China Merchant Bank and China Minsheng Bank as members. Some of its members are reportedly based in Mainland China despite the government`s restrictions that create hurdles.

He commented further that it was important to have local resources and use Chinese services like WeChat. One challenge associated with using Chinese software services, however, is the fact that the Chinese government is suspected to monitor WeChat.

Also, China has reportedly banned initial coin offerings (ICOs), as well as cryptocurrency trading. But that is not all. The local government has reportedly blocked bitcoin websites, as GTR points out.

Still, the executive director of Hyperledger, reportedly said that China and other regions in Asia tend to be efficient in getting things done.

“It’s clear that there’s a lot of talent here. There’s a lot of money here for blockchain projects. Recent moves by regulators have steered that money away from ICOs and crypto towards enterprise applications. My stance is: I don’t invest in crypto or ICOs. “

Looking at the rest of Asia, the situation doesn`t seem to be much different. Major financial technology hubs like Singapore seem to be quite innovative and full of talents working to advance the local fintech sector. It remains to be seen whether China and the Asian region will keep up and even improve on their strong positions in the field.

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