84 percent of blockchain applications come from China, the government reveals

by Arthur · September 22, 2022

China is one of the world’s superpowers now, and it is taking over many industries as well as the blockchain market, with recent reports of the applications accounting for 84 percent of the world. This figure was recently unveiled by the Ministry of Industry and Information Technology Wang Jianwei, stating that these are meant to improve the economy and other factors.

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China provides 84 blockchain applications in the world

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According to a report by the South China Morning Post, the vice director of China’s Ministry of Industry and Information revealed the number of blockchain applications in the country. And this number is enormous as it makes up 84 percent of the world, which is unknown to many in the industry.

Wang did not disclose the time frame and other figures for the aforementioned blockchain applications, but it still gives the world an idea of how much is coming from China in the current market.

These blockchain applications are also evident in the country, despite the numerous cryptocurrency regulations and bans that the country has enforced.

Also read: Ethereum Merge Launches Successfully, But Crypto Price Doesn’t Turn Bullish

Not everyone gets approved, why?

Still, the official said not everyone is approved to enter the market.

Only 19 percent or one fifth of the applications from the country receive approval from the regulatory committees to continue with their activities and become fully fledged blockchains.

According to Bein Crypto, there are no reasons to reject any blockchains from Wang, but only a fraction of these blockchains are good enough to get approval from regulatory agencies. In addition, additional data said that only a few of the 19 percent succeed in the market, especially in nearby countries.

Blockchain and Crypto

Blockchains and cryptocurrencies are one of the biggest focuses this world has now and people are deeply immersed in the world of these digital entities for more than investment and trading. Many agencies worldwide such as the United States Securities and Exchange Commission are already centering on new offices for crypto archives in the future.

The crypto world is evolving and some are already looking to reduce their carbon emissions globally, with Ethereum, one of the world’s top blockchains, recently announcing this shift to less pollution. Ethereum has already made this change, but they were not able to use this as an advantage to scale up the value of their coins in the market.

The fact remains that the blockchain and cryptocurrency industry is volatile and nowhere near stable at present.

Many countries are trying to join this shift towards blockchain and allow the industry to flourish, with China focusing on significant amounts of applications from its borders. However, this does not mean that all applications will prevail or gain approval, with only 19 percent seeing the next step towards integration into the current market, available to all.

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Written by Isaiah Richard