The Chinese state is steadily expanding its blockchain industry. Suzhou is the next city to get a boost, with plans to build a district dedicated to emerging blockchain companies.
Suzhou is already home to around 36 blockchain-related companies. The emerging sector will be focusing on research and development and applications. According to the Chinese government, some of the blockchain-related entities based in Suzhou include Tongji Blockchain Research Institute, Aershan Digital Technology, and Xiaowei Cloud Chain. The government announcement was posted in the Xinhua Daily earlier today.
China has been ramping up its investments in the blockchain sector as of late. In April, the country formed a national blockchain committee to decide on standards for the industry. Committee members include Huawei, Tencent, and Ant Financial, as BeInCrypto has reported. Altogether, speculation on whether the ‘China blockchain narrative’ will lead the cryptocurrency market in 2020 may end up coming true.