China’s Hainan injects over $100M in blockchain

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An island province in China has recently passed a 10-point policy that will boost the development of blockchain platforms and digital assets in China—if it’s executed.

The ten-point policy

To accelerate the growth of the blockchain industry in China, Hainan’s policy says the following 10 items will need to take place: building a blockchain joint innovation platform; setting up a blockchain industry fund; supporting the construction of blockchain infrastructure; promoting tourism consumption blockchain points; and promoting the chain reform of e-government projects.

In addition, research and development of core blockchain technology should be encouraged; the demonstration project of blockchain application demonstration must be implemented; the country must host the World Blockchain Conference; it should explore the blockchain and financial sandbox supervision mechanism; and lastly, build a blockchain industrial cluster.

Among these 10 points, a few things that stand out are that Hainan is looking to invest 1 billion yuan ($140 million) in blockchain and digital asset research and development. Hainan is encouraging smart contract and blockchain privacy protection research, and is looking to establish a regulatory framework for the blockchain and digital asset projects looking to launch in their country. And Hainan wants leading companies to explore the construction of digital asset trading platforms.

Is Hainan looking to attract blockchain talent?

For many countries and governments around the world, the blockchain and digital asset industry is a bit of a space race. No particular government has really shown that they are leaders in these industries. The United States may have the most protections for its investors, but project development and blockchain interest seems to be greater outside of the United States.

This recent announcement by Hainan is a step in the right direction when it comes to advancing the blockchain and digital asset industry in China. In addition, Hainan’s policies may be what Hainan needs to bolster blockchain support and industry participation in their province.

China is showing an increased interest in the adoption of blockchain and digital currency. According to @AliceolaCrypto, a blockchain and investment news reporter that covers events in China and Asia, 224 digital currency projects in China were recently approved in China’s third batch of blockchain filings. 

🔊#China has just announced the 3rd batch list of #blockchain filings, 224 projects approved this time. Beijing projects account for nearly 40% of applications.

There r 53 #Fintech blockchain projects which is the largest category, accounting for 1/4.
#BTC #cryptocurrency 1) pic.twitter.com/5orXeog9ND

— Alice Crypto (@AliceolaCrypto) April 26, 2020

Given that interest, Hainan may be looking to attract more of the company filings to their province and accelerate the speed at which a fruitful blockchain project is created.