IOTA Appears at Chinese Government Blockchain Event


IOTA’s director of technology, Edward Greve, has attended a major blockchain summit in mainland China, arguably the biggest such gathering of the year. This has led IOTA buyers to speculate that IOTA may be able to gain ground in China. China remains one of the most active markets for blockchain, even though the trade of digital assets has been greatly restricted in recent years. IOTA seems a natural fit for China’s growing smart economy, one typified by the Internet of Things and large scale automation.

Not a lot of word has slipped out about what went down at the November 19-20 “2018 Blockchain New Economy Hangzhou Summit”. Much of this is due to the addresses being delivered in Chinese, with few translations available in the west. However, we do know that the Summit was sponsored by the Chinese government, not simply allowed by it. IOTA’s presence is, therefore, highly conspicuous, proving the Tangle distributed ledger technology is on the Chinese government’s radar.

Where China Stands Today With Blockchain Technology

Chinese flag
Chinese flag

If you’re an investor in blockchain assets like Bitcoin (BTC), Ethereum (ETH), and NEO (NEO), you might be forgiven for thinking that China hates blockchain. After all, these assets can scarcely by traded in China, and Chinese mainland blockchain companies have been significantly restricted in what they can actually do in the Chinese economy.

But this doesn’t mean that China doesn’t believe in blockchain. In fact, China is more active in blockchain than almost any other nation. President Xi Jinping has even spoken explicitly on the subject:

“A new generation of technology represented by artificial intelligence, quantum information, mobile communications, the internet of things, and blockchain is accelerating breakthrough applications.”

China has numerous other blockchain bona fides. The bulk of Bitcoin hash power resides in mainland China. China also owns more patents for blockchain technology than any other country, taking up about half of the 406 worldwide patent applications submitted in 2017. Chinese companies comprised 57 of the top 100 blockchain-active companies in the world in the same year. Alibaba, Tencent, and Bitmain each have numerous patents in the industry.

The People’s Republic of China has restricted its citizens’ investment options for decades, so it only makes sense that it would prevent the free trade of blockchain-derived assets. However, China is also famous for hoarding new technology in its attempt to create a technological socialist state far beyond the capabilities of any other world power. For this reason, it has been a significant mover in automation and internet technologies, both of which have numerous integration points with blockchain. If IOTA (MIOTA) can make a splash in China, it could be on a course for mainstream success the world over.

Featured image source: Pixabay

Leave a Reply

Notify of

Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.

CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.

Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.

When trading in stocks your capital is at risk.

Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.