In this file:
· Why China’s Blockchain Plan Is Winning And The U.S. Should Pay Attention
· EU plays catch-up to China, US in blockchain, AI race with $110M fund
Why China’s Blockchain Plan Is Winning And The U.S. Should Pay Attention
Biser Dimitrov, Contributor, Forbes
Nov 25, 2019
Last month Chinese leader Xi Jinping gave a speech where he encouraged Chinese enterprises to ‘seize the opportunity’ in using and accelerating the development of blockchain technology. This was a significant event in China’s perspective of the technology and cemented several previous public statements regarding blockchain. It took the markets by surprise as the shares of 70 Chinese technology companies rose significantly, the price of bitcoin surged, and internet searches for the term “blockchain” on WeChat grew by 60 times. This opportunity gave large local enterprises such as social media giant WeChat and payment platform AliPay the green light to innovate freely, placing enormous power in their hands.
Why is this one single speech so important? Well, there are four main reasons why China’s newly unveiled blockchain policy makes sense.
Reason 1: Establishing the blockchain standard
China is big on technology innovations and is always trying to be the leader. What we are seeing now with blockchain is the third time the government has promoted certain technology. Previously this was done with 5G and AI and it worked; we saw a boost in the technology across the world. For example, Huawei, one of the largest Chinese companies with the massive power of 76,000 research and development staff and Q1 2019 revenues of $26 billion, is already implementing the largest 5G projects in Europe. Now, China is doing the same with blockchain; by declaring it a national priority they will have every Tier 1 and 2 cities implementing their own blockchain and digital assets policies and enforcing the blockchain standard.
Reason 2: Getting an advantage in the trade war with the USA
It’s no secret to anyone that the trade war talks between China and the United States are not getting any better. After imposing tariffs on exports and agriculture, the battleground is shifting to technology now. China, having lost its largest trading partner, has found itself looking for new export locations in Europe, the Middle East and Africa, mainly around the “Silk Road Economic Belt.” The advantage of having a superior blockchain technology will give China an enormous trading opportunity with the emerging technology markets.
Reason 3: Digital RMB can be a global currency ...
Reason 4 – They want a counterpart for Libra ...
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EU plays catch-up to China, US in blockchain, AI race with $110M fund
Jacob Rozen, CoinGeek
Nov 25, 2019
Remarking that blockchain and artificial intelligence (AI) will change everyone’s lives, the European Investment Fund (EIF) has teamed up with the European Commission (EC) to establish a dedicated investment scheme. The scheme, worth €100 million (over US$110 million), will make capital available to indirectly fund SME’s AI and blockchain projects via VC funds and other investors.
In a Medium post, the EIF noted that Western Europe already spends a lot on blockchain projects—its expected spending for 2019 is $674 million—making it the second-largest region in the world for blockchain spending.
Most of the funding goes toward research and proofs-of-concept. The new fund is intended to address the fact that very little capital is devoted to developing larger-scale projects in the EU. According to the EIF, “Developers and entrepreneurs wanting to grow their businesses ultimately end up recipients of U.S. financing, working for U.S. companies, and the job opportunities and economic growth these technologies bring head elsewhere.”
The blockchain and AI “financing gap” in Europe presents an opportunity for the EIF to support these new technologies through its existing and future venture capital networks. “Investing in a portfolio of innovative AI and blockchain companies will help develop a dynamic EU-wide investors community on AI and blockchain,” the EIF said.
With the “cornerstone” funding in place, the EIF said private investors are...
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