The government of Nanshan District in Shenzhen China has put down a deal with Huawei, a leading global provider of information and communications technology (ICT). According to the deal, the two sides have established a strategic cooperation partnership, agreeing to speed up blockchain adoption.
According to a twitter post from news source ‘The Global Times‘, the agreement was penned on Friday with a common interest to seek the application of blockchain. It was also an agreement to help boost artificial intelligence and other new technologies like 5G and big data. All this is expected to boost Shenzhen City which is already the country’s technology backbone into a globally recognized hub.
The People’s Bank of China (PBoC) recently coupled with Huawei to commence examination of its digital currency. The two are as well collaborating with the country’s biggest commercial banks as well as major telecommunications operators to roll out its digital currency.
Glimmer of hope
Of the total 100% global bitcoin mining share, at 66%, China owns more than half. This would be expected to reflect their positive attitude towards cryptocurrency. This is not the case as Bitcoin has been banned in China since September 2017.
Last year in October however, the President of China Xi Jinping gave hope to all cryptocurrency enthusiasts by urging them to take hold of any opportunity presented forward by blockchain technology.
New York-based research firm CB insights that analyzes data on private companies wrote that in 2019, China was responsible for 22% of all VC deals (compared to a small two percent in 2015). The firm also confirmed in its freshly published report that venture capitalists had rapidly started to pour money into blockchain-related Chinese startups.