China will spend more than a billion dollars on the development of blockchain

We have already told you about the great conquest of more and more countries by the blockchain.

Now we would like to tell you news from China.

The Chinese authorities are showing great interest in the technology of the distributed register, which is the basis of cryptocurrencies. As reported in the local media, the governments of the provinces Shenzhen and Hangzhou intend to invest a total of 1,679 billion dollars in the blockchain fund, which will allocate money for the development of relevant projects. It can be noted that today these public investments are the largest in the world in the sphere of blockchain.

A big breakthrough in the use of blockchain is expected due to the increase in Internet access in China: despite the fact that now in China there are 772 million users of the network, which is almost three times higher than in the US, the level of Internet penetration remains significantly lower than in the US — 55% against 89%.

However, if the Chinese authorities are ready to spend money on the introduction of blockchain technology, then they are in no hurry to allow the ICO.

Do you think whether this trend will change and will China allow ICO?