China for a number of years has been responsible for over 50% of all patents on Blockchain technology while in 2017 have banned ICOs and Cryptocurrency trading in China.This led to some exchanges basing themselves in Hong Kong where they have seen a huge increase in trading activity. China has a significant share of now has blockchain-based start-ups, miners, and crypto-mining farms globally.
This interest in blockchain was exemplified by the launch of a “government-backed Xiong’An Global BlockchainInnovation Fund offering $1.6 billion (10 billion yuan) to Chinese blockchain start-ups”. So while from outside of China it appears it seems the country is anti the evidence appears that there is considerable interest in the technology and its disruptive impact which may explain why the Chinese government wishes to keep control as much as possible over its development.
