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Future of Blockchain in China? For now China seems Divided

A survey was conducted by Tencent Financial Science and Technology Think Tank from Chinese economists for China’s macroeconomic and investment situation in 2019. Reported in a local Chinese news site, the survey revealed that Chinese economists have mixed thoughts on the future of blockchain technology and digital currencies in China.

China has been rarely at the forefronts in the development of the blockchain technology, however, the Chinese government has implemented the technology for some applications.  As per the survey, 33% of the economists held blockchain as very significant, while 32% gave it no considerable significance, and to the remaining 19%, the technology holds little significance in the future of the Chinese economy.

On the other hand, it is surprising to see that adoption of a single digital currency for the entire country still is an unfamiliar and an unpopular idea among many of these economists. According to the survey, 51% of economists support the central bank to try to issue digital currency while the  other 40% does not.

Although, much of the Chinese population has been well set in the cashless payment systems in China, it is thus a strange realization that Chinese economy is still not ready for a national digital currency. Regardless, it seems as though, cryptocurrencies and blockchain still need more time to settle in the Chinese vicinity.

The conducted survey circulated among well-know economics professionals  including the chief economist of the brokerage investment bank, the researcher of the official research institute, and the professors of multiple notable universities and research centers.

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Qirat Ayaz

Passionate about robots and how the robotics is changing everything around us. Writes about startups in the blockchain space. Contact the editor at editor.startups@blockpublisher.com

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