China

At this year’s annual gathering, the Chinese legislative body proposed the establishment of a fund to support the development of blockchain technology led by the government.

A bill for Blockchain National Strategy was proposed in the United States Congress that would come up with a national blockchain and distributed ledger technology (DLT) strategy.

Recent research by a group of scientists has stated that blockchain technology could be used to enhance collaborative exploration and development in response to global pandemics such as COVID-19 through well-timed research collaborations, decentralization, and anonymity of essential information among governments.

A new crypto scam originating in China and involving the loss of at least $1.1 billion worth of cryptocurrencies from more than 700,000 users is thought to be related to the previous Plus Token Ponzi scheme that also exited with some $2.9 billion.

The People’s Bank of China (PBoC), with three other state financial regulators, has proposed a plan to set up a finance trade platform exclusively powered by blockchain technology for the Guangdong-Hong Kong-Macao Greater Bay Area.

With the outbreak of coronavirus, China, which had an emergency in job problems, is now pursuing job stabilization and has classified blockchain technical experts as official jobs.

As the 3rd Bitcoin halving event scheduled for March 12 nears, many countries are rethinking their opinion on crypto mining. Sichuan, which initially banned crypto production, is now backing it and will lower electricity cost for miners.

China’s quest for cryptocurrency and blockchain technology development is yielding fruit after Anhui province officially launched its first blockchain platform.

While global giant economies including the USA and China are looking to issue their Central Bank Digital Currency (CBDC), the President of Russia, Vladimir Putin, announced they are not going to develop a national cryptocurrency.