The Chinese news program Focus Report stated that there are currently about 32,000 companies in China claiming to use blockchain. In reality, the number may not even be 10 percent of that total. On November 18, the leading state television broadcast in China, which is CCTV, showed an episode by Focus Report. It was titled, "Blockchain Is Not a Cash Chain." The episode examined companies that are supposedly misusing blockchain technology in order to create a momentum and financial gain for their business.
In the Focus Report show, the newscasters spoke with Wu Zhen. This is the head of the Key Laboratory of Internet Financial Security and Technology at China's National Internet Emergency Center. Zhen said that there are currently more than 32,000 companies adding blockchain to their scope of work. Zhen added that they found most of those companies actually have the technology or ownership in a blockchain setup. Zhen believes that less than 10 percent actually have it.
According to the Focus Report episode, the blockchain industry in China is a worldwide leader. The episode also claimed that the total number of enterprises with blockchain is second only to the United States. However, if only 10 percent claiming to have blockchain actually do, this would put China way behind other countries.
The result is that many legal rulings around blockchain technology in China has reached a total of 566. Professionals in blockchain request speedy movement for implementing relevant laws. Yu Jianing, who is the deputy director of the China Communications Industry Association Blockchain Committee, explained that cracking down on crime is important to innovating, developing and integrating the blockchain industry.
In October, Chinese President Xi Jinping called for an acceleration of the adoption of blockchain. He said that it was central to innovation and stressed the implementation of integrated blockchain as key for promoting innovation in technology and transforming different industries. A founder of the cryptocurrency investment bank Galaxy Digital, Mike Novogratz, said that by making this statement, President Jinping gave a high level of credibility to cryptocurrencies and blockchain technology. Novogratz is a well-known bull of cryptocurrency.