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While China may be doomed by many as the “not-to-go” place when it comes to cryptocurrencies, because of heavy regulations, the country may be the real king of cryptocurrencies after all.
The well-known “heavens” of altcoins are countries such as Singapore, Japan, Estonia and others. All of these countries have embraced a rather friendly and accepting attitude towards cryptocurrencies. Dubai, for example, is now heavily investing in blockchain with the goal of becoming the top digital hub of the world in the very near future. China, on the other hand, became famous with the shutdown of cryptocurrencies that happened in the late summer of 2017. Since then, there hasn’t been much “pretty” talk about China entering the crypto game.
However, there is one parameter by which China beats all other crypto-friendly countries. China is the country that has the most cryptocurrency and blockchain-related patents than any other country in the world.
As quoted from Forbes China and Crypto Daily, such an example is:
“Onething Technologies, the cloud computing arm of Xunlei Limited, a leading cloud-based acceleration technology company in China, recently announced that it launched a high-performance blockchain platform called ThunderChain, which can concurrently conduct millions of transactions per second. ThunderChain is designed to realize confirmation and interaction among homogeneous chains and enable multiple transactions to be executed on different chains in parallel.”
It is very interesting to note that while patents do not necessarily mean cryptocurrency boom or blockchain hype, the fact that China owns the highest number of patents for certain altcoins and blockchain technologies mean that in the future, China may become a real crypto destination, especially when it holds unique patents on multiple digital assets and technologies.
The rapid explosion of blockchain technologies and cryptocurrencies has marked a true new era of innovation. The blockchain technology has been applied in almost every industry and sector. Knowing China’s massive economy and stable economic growth, it is really exciting to see that despite the government’s tight regulations and attitude on cryptocurrencies, the patents and their growing number may turn China into a top crypto player.