Blockchain, Economy

Blockchain-Tech Race: Japan considered 6 years behind China

As claimed by a local analyst, Japan could be as much as six years underdeveloped from China regarding cryptocurrency and blockchain progress. They may also be limping behind its largest East Asian rival in the tech stakes when it comes to blockchain.

As published in a column by Japanese media outlet, Record China, former Pan Pacific director and long-time China observer Yusuke Takano, China is now attempting to “lead the world in the [blockchain] sector through a concerted national effort.”

Takano alleged that while Japan was making blockchain-related efforts, these often were mediocre compared to those made in China.

The analyst stated that a look at blockchain conference diaries confirmed how serious Beijing is about blockchain-related matters. He emphasized that even though a significant event co-hosted by the chief financial regulator, the Financial Services Agency, and the Nikkei media group was held in August, four major blockchain events were held in China in the same month.

Four more major blockchain conventions are slated to occur in China before the year’s end, while Tokyo may have to pause until 2021 for its next major blockchain event.

Beijing also has the upper hand when it comes to central bank digital currency (CBDC) advancement, the columnist added, as the Chinese central bank began a CBDC analysis unit back in 2014.

Takano remarked that a stack of news articles recently surfaced on Chinese state-affiliated websites, pointing out the agreements between the digital yuan and e-pay platforms like WeChat Pay and Alipay. This potential sign proves of the anticipated rollout.

Back in January 2016, the central People’s Bank of China (PBoC) addressed substituting cash with digital currency. At this time, the digital RMB or Yuan project has commenced “in earnest,” Takano remarked.

He continued that in mid-2018, Chinese state TV broadcasters broadcasted a series of shows criticizing cryptoassets, but championing blockchain technology, extolling the merits of “no-coin blockchain technology.

The analyst noted that the Middle Kingdom has been comparatively open about its intentions of declining to trade with cryptoassets and aiming to issue its CBDC and trying to lead the world in the blockchain industry.

He wrote,

“China’s blockchain strategy is clear.”

The journalist wrote that practical, real-world blockchain projects in areas “such as healthcare and trade finance are already underway” in China.

By distinction, Japan has gone back and forth with its own CBDC policy, with digital yen distribution projects only beginning in eager this year. Blockchain advancement in Japan has also been slower than in China.

The author ended by asking,

“Japan started [its CBDC project] six years behind China. Only experts are really paying attention to the relatively few blockchain conferences [that are held in Japan]. Is Japan really OK with this?”

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