China’s central bank has denied reports that it will launch anational digital currency in November. What is undeniable though is that the heads at the People’s Bank of China (PBoC) have called for commercial banks to adopt blockchain technology across industries and not just digital finance.
Bank official Li Wei in speaking at a forum on commercial bank adoption confirmed that China is bullish on blockchain technologies and their applications from ecommerce to electronic payments. Even though the digital Yuan has been denied, the Facebook led Libra caused Communist Party Xi Jinping’s to say China should “seize the opportunity” to adopt blockchain, and also said, “[We must] clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.”
Update: the Chinese Central Bank will launch a digital currency called DCEP, to be tested with commercial banks.
BlocBuyl path towards adoption starts with small markets that have connections to much larger ones — China. For over a year, the focus has been for us find companies willing to look to the future and many are in China. While you must be respectful of their business customs, the nature of the BlocBuy model (i.e. opening up gateways and breaking down walls between markets and MOQs (minimum order quantities), is exciting to the business culture of China. We have listened to all of their requests and are thrilled to call a number of China-based companies our partners.
Whether or not China officially creates a legal digital currency remains is unknown but we find it encouraging that its usage is expected for the retail sector. The future of ecommerce and commercial transactions are on the blockchain and BlocBuy is happy to be a part of this in China. Below is a video from our recent trip to the Canton Fair where Robert breaks down language barriers, builds a new business relationship with Unisky, lowers prices and gets a little exercise.
