Despite the bans on commercial turnover of digital assets in China, the country remains the front-side of blockchain and the main factor in the global cryptocurrency market.
Blockchain is a strategically significant technology for China, a priority of its development, established at the official level. The country gathers huge mining capacity, thousands of crypto companies, the largest banks, and tech giants using the technology. The authorities are testing the digital yuan and plan to turn Beijing into a blockchain hub and have already launched an infrastructure platform for third-party developers. All this should strengthen China's leadership in the blockchain industry and make it the main supplier of decentralized infrastructure for decades to come.