Top Facts on China’s Crypto Yuan and Related Blockchain Projects
Musheer Ahmed, managing director at FinStep Asia — an advisory firm assisting fintech startups — explained to Cointelegraph that blockchain networks have been in development for over a few years in mainland China, with the Financial Blockchain Shenzhen Consortium, which was launched four years ago by top local firms such as Tencent and Huawei, being the first major initiative that engaged a host of private and state-owned companies:. China took the lead in the race for its own central bank digital currency, outpacing its closest competitors. The central banks of the European Union, South Korea, Russia, Sweden and several other countries as well as the Eastern Caribbean Central Bank have also announced their own research into state-issued cryptocurrencies, but they are still at the legislation or trial stages, proving the paperwork falls second to action in China. Jeff Chu, the founding partner of BN Capital — a firm focusing on investment and consulting in the blockchain industry and digital economy — told Cointelegraph that the BSN aims to build up a new type of global service network and create cross-regional and cross-institutional information services based on blockchain technology.