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China has welcomed several Australian blockchain companies as potential business partners.
Several Australian startups active in the blockchain sector have visited Shanghai trying to explore business opportunities in the Asian country, news The Australian Financial Review wrote Monday without revealing its sources.
Labrys, Beam and AgriDigital, among other Australian blockchain companies, are becoming familiar with the Chinese fintech ecosystem as part of a commercial mission organized by the Australian Trade and Investment Commission (Austrade) and the Australian Digital Commerce Association. Entrepreneurs have already visited some of China's largest technology companies, including Ant Financial, an affiliate of the giant Alibaba e-commerce company.
Ant Financial, in turn a giant valued at around $ 150 billion, according to reports, at the beginning of the year would pay more attention to the development of technological solutions rather than to payment and payment transactions. consumer financing. In line with this new strategy and only a couple of days later, Jack Ma's company secured a colossal $ 14 billion loan for its technology initiatives, also covering blockchain projects.
What other Chinese companies are on the list of Australian trade delegations remains unclear, but the publication noted that start-ups will participate in the 4th Global Blockchain Summit held in Shanghai this week.
While a generalized ban prohibits the exchange of cryptocurrencies and crowdfunding activities in China, the Asian country does not take its eyes off the technology on which digital currencies are based. Rather, China has taken various measures to implement blockchain in various sectors.
The Ministry of Industry and Information Technology (MIIT) said last month committed to promoting blockchain applications, such as finance, supply chain management, reporting and intelligent manufacturing, as cited by State Xinhua news agency. In addition, an unprecedented ruling by the Chinese Supreme Court allowed the use of blockchain technology to authenticate evidence in legal settings last Friday.
It is in consonance with its affinity with the blockchain that China is trying to establish connections with Australia in the sphere. Assuming the ISO (International Standards Organization) group that defines the blockchain standards, known as the 307 Technical Committee, Australia plays a key role in an industry in which China wants to expand. At the same time, Australia must involve China in the development of international standards "given the importance of their work in blockchain", the Chairman of the Technical Committee 307 Craig Dunn told the Australian Financial Review in view of his speech at the Wangxiang Global Blockchain Summit.
