Industry experts are expecting a much less fragmented cryptocurrency boom in China, compared to other parts of the world, with President Xi Jinping's government recently backing digital currency initiatives.

"I hope that we will have an enlightened infrastructure here," said Paul Brody, EY global blockchain leader, at CNBC's East Tech West conference in the Nansha district of Guangzhou, China.

"And I hope that we will avoid some of the mistakes that happened in the rest of the world."

With Xi's backing, China is developing a Digital Currency Electronic Payment, or DCEP, to be issued by the People's Bank of China. The national currency may be launched within months.

China will look to avoid replicating the turmoil in the United States caused by a rush to the cryptocurrency market during bitcoin's rapid growth, Brody said. In 2017, some investors flocked to initial coin offerings, many of which proved to be pure speculation where the involved companies never produced a product.