- VeChain is one of the two crypto projects approved in China
- China’s attitude on blockchain technology improves
- VeChain’s development in the crypto space shows a progressive future of cryptocurrency adoption
Cryptocurrency adoption in China seems to be growing. The cyberspace management bureau, a cyber-related agency in China, has released a list of 197 blockchain companies that are registered service providers in China.
The list features top Chinese internet companies such as Baidu Blockchain Engine, Alibaba Cloud Blockchain-as-a-Service (BaaS), Tencent Baas (TBaaS), and the BaaS platform. The list also contains financial institutions including, the China Zheshang Bank and Ping, an Insurance Company.
Only Two Crypto Projects Are Approved in China
Only two crypto projects made it to the list, VeChain (VET), which is a crypto project supply chain management service via blockchain technology. The other company to make it to the list is the ParcelX (GPX), which will offer crypto-based parcel delivery services.
VeChain ParcelX approval is great news to the crypto community as it means that the two projects will be able to operate in China legally. This is great news considering China’s strictness on cryptocurrency use.
According to the notice the bureau posted, the bureau will carry out more research on cryptocurrency and pass on the relevant information to the relevant individuals and institutions.
Blockchain Technology in China
China is one of the significant countries in the cryptocurrency industry. Study shows that approximately 25 percent of the progressing blockchain projects in the world are in China, which is the highest number of blockchain projects in one country.
Cryptocurrency use is in China appears to be improving, which can be attributed to the friendlier regulations as well as support for blockchain development. Various companies in China are embracing blockchain technology, such as IIB, a shipping conglomerate, and CSICL, a shipbuilding company.
Significance of Vechain’s Approval in the Crypto Community
The fact that China is a big player in the crypto-space, this decision affects the whole cryptocurrency industry. Approving the two crypto projects is a sign that China is becoming more favorable towards blockchain technology. It is expected to have increased investment in China’s cryptocurrency sector.
The approval of VeChain has brought about a lot of support from the crypto community. However, some members of the community remain confused. There is no doubt about VeChain’s approval. It is registered under number 66, which happens to be considered a lucky number according to Chinese beliefs.
VeChain CEO commented on the approval stating that it would certainly contribute to the development of the blockchain industry. It was the first step to standardize the environment in China, which will allow companies in China to incorporate blockchain technology without a negative attitude.
Following the approval, VeChain has entered into partnerships with major companies such as BMW, andAmazon, among others. This is a clear indication that the company is increasing the adoption of crypto technology.