Blockchain, as expected, is near to see the daylight. While many people predicted it to become a fad over time, it is still in fashion and will be for much longer. Like the evolution of internet, blockchain will take time to mark its place. Blockchain and cryptocurrencies have gained a lot of popularity initially due to Bitcoin and then other major blockchain projects like Ethereum, EOS e.t.c. Many governments including the US, Canada, Malta and Australia have welcomed Bitcoin and other cryptos with open arms while many others including Russia and China declined to legalize and regularize cryptocurrencies initially.

The reason behind most of the countries to show non-acceptance towards cryptocurrencies is their ability to fluctuate in price too often and the risk of instability of value among these currencies as they are not backed by anything countable. While other major drawbacks include scalability, cyber-security issues, price volatility, no inherent value and lack of regulations.

Due to such major issue, governments are bound not to accept them. While accepting the already existing cryptos may not be possible for governments, designing new government backed cryptos appear to be a hope for worldwide crypto acceptance. China seems to be going this way to implement blockchain technology and cryptography in its banking sector.

As per reports, President of China, Mr. Xi Jinping announced on 25th October 2019, last week on Friday, that China will soon be supporting blockchain cryptography based digital currency. Recently China bank announce the name of DCEP- Digital Currency Electronic Payment. He believes that blockchain is an important technology and that the government needs to promote and implement blockchain for China’s technical progress. As always, China seems to be the one leading this innovation by presenting DCEP, a Yuan-backed digital currency backed by its central bank. The major concern raised by the chinese government officials was that the prevailing cryptocurrencies can not be trusted as they are not backed by any tangible or countable asset due to which the prices of Bitcoin and other such cryptos keeps fluctuation too often.

As per a survey by PWC, 30% respondents see China as a rising blockchain leader. Here are some major blockchain and cryptocurrency related statistics from around the globe and China (as per Statista’s site):

Spending on blockchain solutions throughout the world as of 2019 is estimated to be around 2.7 billion USD which is expected to reach as much as 15.9 billion as of 2023.

Blockchain project based spending in China is estimated at 293 million USD which will reach 1420 million USD by 2022. This shows that China holds a major portion of the world wide blockchain spending.

As of 2017, the number of blockchain based solutions providing companies in China numbered 434 which means it is still growing.

Globally, the number of blockchain wallet users has reached 42 million people by the end of third quarter of 2019.

Following China, many other major governments are soon expected to launch their own cryptocurrencies as well. This step will lead to blockchains’ global acceptance and technological growth world-wide.