Blockchain given vote of confidence

Foreign investors target Chinese market

China's blockchain market is becoming more attractive than ever to foreign investors, with the industry receiving a significant boost from the central government.

Although China has implemented regulations in recent years to ban technologies such as initial coin offerings and cryptocurrency exchanges, its support for blockchain, as well as artificial intelligence, was highlighted in the 13th Five-Year Plan (2016-20) for national development.

An ICO is the cryptocurrency space's rough equivalent to an initial public offering in the mainstream investment world.

In October, President Xi Jinping emphasized blockchain as a core technology in the new round of technological innovation and industrial transformation.

Yuval Rooz, co-founder and CEO of blockchain startup Digital Asset in New York, said: "China is a big global player and there is an opportunity for China to become a leader, even from a blockchain technology perspective, to create new initiatives and actually lead the rest of the world. For companies like us, this is extremely exciting. The nice thing about China is that once a decision is made, it is actually easier to move forward."