China Invests in Blockchain, Bears Down on Cryptocurrency

The Chinese government is said to be ramping up its efforts against domestic cryptocurrency speculation in the past few weeks. However, it has also already invested around $3.57 billion into blockchain technology, according to recently published estimates.

Despite warnings from various government bodies, and the prohibition of cryptocurrency-related transactions by companies such as Tencent, investments in blockchain have remained steady over the past years.

Several local governments have announced investments in blockchain just last August, with cities including Hangzhou, Shanghai, and Nanjing pledging millions, while companies like BlockVC says it is already involved in 40-50 blockchain-related projects.

Source: CNBC