A top-level Chinese technology delegation will visit Australia this week to investigate the implementation and future of blockchain industry.

Australia to Host First Blockchain Meeting

The Chinese delegation which is consisting of Fintech companies from the country includes senior managers from WeBank, JD.com, OnChain, Ant Financial, ZhongAn, and Wanxiang.

The team is led by China Electronics Standardization Institute director, Ming Li, an organization which is responsible for creating blockchain industry standards under the Ministry of Industry and Information Technology in the country.

The delegation will explore developments in world blockchain standards where Australia is leading by hosting the first “ISO/TC 307” global blockchain standards meeting next month, which will be chaired by Craig Dunn, the director of Westpac Banking Corp.

The team will likewise be accountable for investigating the next step in blockchain architecture which is the foundation of “the internet of value” and also sending a message that China will be taking a hard line in implementing this technology.

China Needs Blockchain Not Bitcoin

As companies in China go down to business into the future of blockchain, government proceeds to express its dislike of digital currency.

Formerly, a host of most of the globe’s cryptomarket practices, the Chinese government started cracking down on the release of ICOs and trading of digital currency.

The governor of Peoples Bank of China (PBOC), Zhou Xiaochuan spoke this week regarding cryptocurrency non-recognition by the Banks officials and expressed plans to ramp up regulating of companies launching ICOs and digital currencies.

Zhou said that they don’t like digital currency items because they come up with a great opportunity for speculation hence offering people with the illusion that they may get rich overnight.

According to Zhou, cryptocurrencies are not evitable, but they are moving from a helpful way of sending money safely and securely.

He added that people currently utilize cryptocurrencies as a get-rich-quick scheme that ends up costing people their life savings.

Local news outlets construed his speech as with the capacity to enable the first move to establish a nationally backed digital currency. Zhou finished his address with hopes that private and public agencies can partner for further development and research.

Later, the same day, Okcoin founder posted a statement on social media that he was willing to work with the government.

Despite regulations and banning of digital currencies, there are over 150 blockchain-enabled firms in China. Their existence may appear ironic as blockchain was built to permit people to trade what they wished thus, circumnavigating government control.

Nonetheless, blockchain can be established to permit transactions with full government visibility across the network.