China has been witnessing an impressive incline of blockchain adoption rate recently, with the latest initiative from the Bank of China, approving 20 billion yuan ($2.8 billion) worth of blockchain-based financial bonds, dedicated to small and micro-sized businesses.
Reported by the Sina Finance in December, the blockchain-powered financial bonds was authorized with the primary target to be given as loans, to the small and micro-scale firms, in an effort to further their growth in the current market.
Towards the end of September this year, the Bank of China has altogether approved 404 billion yuan ($57.7 billion) worth of financial support – a 35% surge compared to the issued sum in 2018 – to around 410,000 enterprises ranging from small to micro scale.
This news could be the next part of the plan Chinese authorities drafted to reinforce its important stance in the current digital economy of the nation.
In a research report published in December this year, Forkast Insights – the research department for the Asian region of Forkast – has provided a detailed look on the blockchain integration happening in China. Per the report, blockchain is a rapidly growing tech across the nation, and possess numerous “real-world, practical use cases that are far beyond the experimental stage.”
At the same time, the People’s Bank of China – the Central bank of the country – is putting in extensive resources to roll out its self-developed digital token, which is believed to be a worthy rival of the US dollar. Plans to test real-world applications of the digital coin is underway, with the pilot tests to take place in Shenzhen city in 2019, and potentially Suzhou city.