Blockchain technology is expected to be a major economic driver in China in the coming years. This time, Hainan’s Free Trade Zone unveiled measures to foster the blockchain industry. This is just one of the different measures proposed to increase blockchain development and adoption.
Blockchain could receive support in China from Hainan Province. This region released the first blockchain pilot zone in the free trade zone of the province. This would bring talents, improve technological adoption and it would eventually help investment grow, among other things.
The goal is to test a wide range of blockchain solutions in different industries, including healthcare, trade, tourism and many others. Blockchain companies are also going to be receiving financing from a special fun of 1 billion yuan ($142 million) in order to expand in the region.
It is worth mentioning that the blockchain pilot zone was launched back in October 2018 in the Hainan Resort Software Community (RSC). The RSC is an internet industrial park located in the province. Until now, there are more than 100 different blockchain firms and companies operating there and offering services not only to China but also to other countries.
The goal is to create a free trade zone in the region by 2020 and become a totally free port in the next five years.
During the last few months, blockchain technology became a hot topic in China and around the world. The Chinese President Xi Jinping pushed for wider blockchain adoption a few months ago.
This generated a massive price increase in Bitcoin’s price, despite the fact that the leading cryptocurrency remains far from being legalized in China. There are other countries such as Belarus that have created crypto and blockchain hubs. The country established the High Technologies Park as a special economic zone that attracted several crypto-related companies.