Recently, it is declared that China is forging relations with Belt and Road Initiative (BRI) countries to develop blockchain-based financial infrastructure at the next level. The Belt and Road development plan is under the President of China, Xi Jinping.
In a few years, China has become the leading player across the world in the blockchain. The government of China has converted some of the initiatives into action after the recent endorsement of blockchain development by President Xi.
- China has considered two important areas, i.e., blockchain and cryptocurrencies, to boost the influence of global technology. China is looking for blockchain opportunities in its Belt and Road Initiative (BRI).
- China is offering technical support to the BRI countries that are very important in the production of the Digital Silk Road.
Many countries like Kazakhstan, Uzbekistan, and Indonesia with Huobi agreed and signed the agreement on blockchain and digital economy at the Hainan Free Trade Port International Cooperation Forum. This cooperation aims to make things better between China and BRI countries.
- According to the new memorandum, Huobi and BRI countries will cooperate in developing a blockchain-based financial infrastructure.
- The International Cooperation Forum of Blockchain and Digital Finance was also declared in the event. Chinese companies like Huobi and China Zhongke Technology Investment, along with BRI countries like Kazakhstan, Bahrain, Singapore, Gibraltar, Indonesia, and Tajikistan, together built an innovative resource-sharing platform to boost blockchain technology across the globe.
In 2017, Huobi was forced out of China due to a ban on exchange services, but currently, it is working with the government of China in promoting the blockchain industry. China is continuously putting efforts into building national initiatives and infrastructure for the acceptance of blockchain technology, which includes the Blockchain Service Network (BSN). Hainan is the first blockchain pilot zone in China. It has developed the blockchain technology in various sectors like healthcare, housing, trade, tourism, etc.