The adoption rate of blockchain engineering science in China continues to impress as the Bank of Communist china has reportedly issued xx billion yuan ($2.8 billion) in blockchain-based special fiscal bonds for small and micro-enterprises.

According to local news outlet Sina Finance in early December, the funds are specifically used to issue loans to these Chinese small and micro-sized companies to support their continued development in the economy.

Equally of the end of September, the Depository financial institution of China issued around 404 billion yuan ($57.vii billion) to 410,000 small and micro enterprise customers, representing an increase of 35% since a year ago.

As a reference, micro-enterprises more often than not accept fewer than x employees, while minor companies take upwardly to fifty employees.

Mainland china and blockchain technology

The news comes every bit the Chinese authorities is attaching an ever-increasing level of importance to the digital economic system. Earlier in December, Forkast Insights, the research arm of Asia-based Forkast, took an in-depth, comprehensive look at how blockchain technology is integrated in Mainland china.

The study pointed out that blockchain engineering is rapidly maturing in China and has a slew of "real-world, applied use cases that are far beyond the experimental stage."

In November, Cointelegraph reported that China's blockchain evolution will see a chemical compound annual growth charge per unit of 65.vii% from 2022 to 2023, and that the engineering will exceed $two billion by the terminate of 2023.

People's republic of china'south primal bank to lead existent-world pilot of digital yuan

Meanwhile, the People'south Bank of China, China'southward central bank, is going full speed alee to launch a digital token to challenge the The states dollar. The depository financial institution is planning to bear the first existent-world test of its central bank digital currency. The initial pilot for the CBDC is set for the city of Shenzhen earlier the end of 2022, and could also include the urban center of Suzhou.

Under the watchful middle of the PBoC, four major banks and major economical participants like China Telecom will reportedly test digital currency payments.