Chinese Crypto Space Comes to Peace as Bull Frenzy Fades
After enjoying Chinese government’s favorable policies, some blockchain entrepreneurs in China calmly start their new plans, while others get confused about their business.
On Oct. 24, President Xi Jinping called on his country’s tech community to accelerate their efforts in blockchain adoption as a core for digital innovation, Obviously, following AI, Internet of things and big data, blockchain development have become China’s strategic requirement, China’s blockchain industry falls into unprecedented ecstasy. Bitcoin’s price soared 40% overnight, more than 100 blockchain concept stocks pumped and the search index of blockchain soared about 65 times.
But a few blockchain practitioners are pessimistic about the current blockchain mania in China.
“Next, the state will be more and more strict in the supervision of blockchain and digital currency, the living space of exchanges and non-mainstream currencies will be compressed. It will be a disaster, especially for the altcoins.”
About half a year remained for grassroots blockchain entrepreneurship in China, Chinese Internet giants can’t wait to show their strengths as the policy is more favorable for them. Consortium blockchains is the most beneficiary as the policy released. As the public chains in China face a very awkward situation where they want to take advantage of policies to do something, but they can’t figure out that whether “token” is allowed or using public chains for financial scenarios is allowed. Public chain entrepreneurs are waiting for the interpretation of policies.
Chinese Internet giants have long been committed to consortium blockchain, as policy emphasizes the application of blockchain, Internet giants have more advantages in scenario application.
For example, Ant Financial has many surfaced blockchain solutions, and it can sell financial cloud service by blockchain services backed by state policies.
No one can deny the fact that favorable policies have greatly promoted the industry as more people have begun to pay attention to. But at the same time, Chinese blockchain industry will face competition with a higher dimension.
Chinese Internet giants have abundant funds to be deeply involved in the field of consortium blockchain, while grassroots projects can seize the opportunity of crypto mining, exchange, public chain, and Dapp.