China’s state-run TV channel CCTV reported that there are about 32,000 companies in the country claiming to use blockchain, but only 10% of them actually work with the technology.
This statement was made in the TV program Focus Report, aired on China’s largest state-owned TV channel CCTV. In one of the program’s releases, companies that abuse the concept of blockchain for financial gain were examined in detail.
Focus Report journalists interviewed Wu Zhen, head of the financial security technology laboratory at The national Internet emergency services center. He said that there are currently more than 32,000 companies operating in the country that use the concept of blockchain to describe their business processes.
“There are more than 32,000 blockchain-related companies. However, we found that there are actually many times fewer firms that actually use the technology – only about 10% of this number.”
Recall that at the end of last month, Chinese President XI Jinping called for accelerating the implementation of blockchain in the country, calling the latest technologies “the basis for transformation in industry, Finance and other industries.” This statement provoked a stir around the blockchain industry and an increase in the value of “Chinese” cryptocurrencies.
After that, the Shenzhen stock exchange and China’s regulator began investigating exchange manipulation related to the abuse of the blockchain concept. So, the Great Wall Group company came under investigation by the Chinese regulator after its shares rose sharply against the background of the firm’s expressed interest in the blockchain.