China is one of the world's superpowers now, and it is taking over many industries as well as the blockchain market, with recent reports regarding its applications that make up 84 percent of the world. This figure was recently unveiled by the Ministry of Industry and Information Technology's Wang Jianwei, stating that these are meant for the economy and other factors improvement.
China Delivers 84 Blockchain Applications in the World
(Photo : Kanchanara via Unsplash)
According to a report by the South China Morning Post, the deputy director from China's Ministry of Industry and Information Technology disclosed the number of blockchain applications in the country. And this figure is massive as it makes up 84 percent of the world, something which is unknown to many in the industry.
Wang did not disclose the timeframe and other figures of the said blockchain applications, but it still gives the world an idea of how much comes from China in the current market.
These blockchain applications are also apparent in the country, despite the many regulations and bans on cryptocurrency that the country has enforced.
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Not All Gets Approved, Why?
Still, the official said that not all get approved to make it to the market.
Only 19 percent or a fifth of the applications from the country get approval from the regulatory committees to continue with their operations and become full-fledged blockchains.
According to Bein Crypto, there are no reasons for the disapproval of some blockchains from Wang, but only a fraction of these blockchains are good enough to get approval from regulatory agencies. Additionally, further data stated that only a few of the 19 percent becomes successful in the market, especially in nearby countries.
Blockchain and Crypto
Blockchains and cryptocurrencies are some of the top focus that this world has now, and people are immersed greatly in the world of these digital entities for more than investments and trading. Many agencies worldwide like the United States Securities and Exchange Commission are already centering on new offices for crypto filings in the future.
The world of crypto is evolving, and some are already looking into reducing their carbon emissions globally, with Ethereum, one of the world's top blockchains, recently announcing this shift to less pollution. Ethereum has already done this change but they were not able to use this as an advantage to upscale the value of their coins in the market.
The fact remains that the blockchain and cryptocurrency industry is volatile, and it is nowhere near stable at the present.
Many countries are trying to join this shift towards blockchain and allowing the industry to flourish, with China centering on significant amounts of applications from its borders. However, it does not mean that all applications will prevail or get approval, with only 19 percent seeing its next step towards integration into the current market, accessible to all.
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Written by Isaiah Richard
