Despite China’s cold relationship with the cryptocurrency space, businesses in the country are increasingly embracing the core technology in the industry.
Blockchain ranks as the 5th most sought-after technology among China’s fintechs!
Blockchain, in particular, has emerged as the fifth most preferred technology among leading Chinese fintechs, with a 33% share by 2022, according to a study by KPMG.
After technology, with a share of 76%, the technology that emerged after big data is followed by artificial intelligence with 68%, while cloud computing comes in third with a share of 41%. The infographic ranks fourth with 34%. Interestingly, blockchain ranked higher than 5G and robot processing automation.
Distribution of technologies among Chinese fintech. Source: KPMG
Chinese government blockchain support
The study pointed out that the high level of adoption of blockchain technology is due to increased government support. According to research:
“Blockchain is an important part of the ‘new infrastructure’ and its core value lies in the realization of distributed trust, which can effectively solve the problem of information asymmetry between the two parties of transactions in the financial system, and its application prospect is very broad. As the country continues to promote the construction of blockchain infrastructure.”
It is worth noting that despite the ban on activities such as cryptocurrency trading, the Chinese government supports the development of blockchain technology. Accordingly, the government is actively supporting the industry through various initiatives such as the creation of blockchain pilot regions and the launch of a national blockchain standard.
However, despite the ban on crypto activities, China continues to receive its share of digital asset investors. Along this line, Finbold reports that the country has begun taxing cryptocurrency investors and miners at a 20% rate.
China’s AI demand
With AI ranking the top among the technologies adopted by fintech, a recent Finbold report showed that the country also ranks high among regions covering related products such as the Text-based platform ChatGPT.
Accordingly, as of January 13, China recorded the highest popularity score of Google Trends in terms of interest in ChatGPT with 100 points. Although the country has not yet officially authorized the vehicle, the request came.
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