You may think China is closed in terms of adopting Cryptocurrency given the tight regulations. However according to reports, a Chinese village in the Wenzhou Zhejiang region, Yuedong has adopted digital currency quite openly.
Yuedong has played an essential role in Cryptocurrency’s culture in China. An individual from the city called Yang Linke was the co-founder of China’s first Bitcoin exchange which was called Btcchina. Yeudong also has a river with crypto related logos on its sides.
An astounding 60 to 70% of citizens in the so-called ‘Blockchain village’ know about Blockchain technology or have invested in Cryptocurrencies.
Current Scenario of Cryptocurrency in China
China is known for prominence in the Crypto mining field and Blockchain development. However, Cryptocurrency trading only occurs behind closed doors.
As soon as the Crypto ban took effect in China last year, trading volume drastically fell around the world given the population of Chinese who were involved with Cryptocurrencies.
The Unknown Chinese Blockchain Village
The Blockchain village was unknown about until Chinese social media shared several images of the Cryptocurrency logos in the village. These logos include ten different Cryptocurrencies such as BTC, ETH, ETC, BNB, and ONT.
It is slowly becoming an attraction, especially among Cryptocurrency enthusiasts, with plans of a Blockchain theme part being built.
What this means for the Future of China
Apparently the Wenzhou government officials have not resented the cryptocurrency theme surrounding the village but instead reacted positively. Many of the villagers are developed decentralized applications, and Wenzhou is noted to have its own EOS node.
It looks like Cryptocurrency may be on a break in China, and things may start to change soon. It may depend on if the Blockchain Village proves to be beneficial to the Chinese economy and employment levels.