After April 28, Rising center of blockchain technology, the city Hangzhou is going to establish itself. The government of Hangzhou is going to establish China’s first blockchain park. In addition, that park will be with preferential policy support.
Hangzhou is the capital of china’s province Zhejiang. This place is famous for its southern terminus of the ancient grand canal waterway. Now, this place is going to be the hub of this new technology.
An event of G20 summit in 2016, brings the Hangzhou to the stage of economics and politics. Moreover, along with Shanghai and Beijing, Hangzhou is rising city in china which is going to be dynamic and a big supporter of innovations and technologies even in transformative industry.
CEO and founder of the imToken states about his new company, “We have decided to move our team to the Blockchain Industrial Park. The government of Hangzhou has promised companies moving into the park subsidies for office and talent recruitment, tax deductions and government funding support. However, the supportive attitude of the government matter[s] more to us than that of subsidies. I believe this active approach from the government will enable Hangzhou to stand out as a financial technology city.”
Direction from banking sector
Central banks around the world are trying to move their infrastructure to blockchain technology. Because this technology has enough power to renovate the banking industry and directly create an impact on a current mechanism. In that scenario, People’s bank of China has completed the trial version of its own digital currency. In addition, the bank is going to be the first central bank which has the ability to issue digital currency. Interestingly, the bank of Hangzhou and China’s A-share companies also attend the summit.
Head of e-banking Hu Feihua states, “Bank of Hangzhou is always trying to keep abreast of the most updated technologies beneficial to banks. For blockchain, not only will we try to support the blockchain industry by providing an easy access to loans to startups, but we ourselves have a special team focusing on the research and development of blockchain. As a matter of fact, Bank of Hangzhou is one the members of a banking think tank that have to contribute to PBOC’s digital currency.”
Furthermore, “This is an interesting question. Job cuts seem inevitable when it comes to technology innovation. But for Bank of Hangzhou, we actually expect our staff to update themselves in their thinking and skills so that they can offset the risks of being sacked. On the other hand, banks will still be important and there are always rooms for us to use our workforce to increase our standard of service. Therefore, layoffs will not impede us in developing blockchain technology.”
According to the official report of Hangzhou’s government, Hangzhou is now going to host 12 blockchain startups, which is a number crossed by Shanghai and Beijing.
Blockchain technology market trends are promoting by the central government of the China and its local government. Therefore, the reason is, users of China’s three exchanges Huobi, OKCoin and BTCC are not allowing to withdraw bitcoins. Which is directly the reflection of China’s aim of social and financial stability. That should never fall weak in front of market strategies, which place them at risk.
In 13th five-year social and economic program blockchain became as an important direction to innovations seekers. Because this plan is the most important strategy to the social and economic sector of the China. Plan for 2016-2020 set by this program.
Therefore, Hangzhou ‘s summit of this year proves that China’s strategy is to implement this plan to make it accessible for the locals. China’s capital will exceed in terms of funding, talent and wisdom. As a result, cities like Hangzhou and other cities will hold the summit next.
In the middle of June, Hangzhou and other countries will hold a high-level blockchain summit. In addition, china is going to be a strong entity in the digital world. Thus, a large number of people believes that China is the driving force of fifth industrial revolution.