Blockchain, the underlying technology that forms the basis for cryptocurrencies, continues to expand despite its main purveyor, Bitcoin, down to the $6,000 mark after reaching a high of $20,000 back in mid-December of last year.
Nonetheless, blockchain itself has been a hot topic with companies like investment firm UBS looking to implement the transactional technology in the financial sector.
China, in particular, is no stranger when it comes to using blockchain technology. In fact, China’s central bank was working on a national cryptocurrency last year before the government essentially pulled the plug on the idea with cryptocurrency regulations, but blockchain technology research and development has the full support of the country.
On March 28, the Peoples Bank of China (PBoC) held a 2018 National Currency Gold and Silver Work Video and Telephone Conference with cryptocurrency amongst the topics. The PBoC is planning a launch of its own digital currency called DCEP (Digital Currency for Electronic Payment), which will undergo continued development through 2019. PBoC governor Zhou Xiaochuan said the currency’s focus would be on “convenience, rapidity, and low cost in a retail payment system while taking into account security and protection of privacy.”
Related: Blockchain Technology Could Shake Up Financial ETFs
One company looking to capitalize on the future growth of blockchain technology in China is Reality Shares, an innovative asset management firm, exchange-traded fund (ETF) issuer and index provider. Today, it launched the Reality Shares Nasdaq NexGen Economy China ETF (NASDAQ: BCNA) that will give investors exposure to companies that could be in the forefront of the blockchain technology revolution in China.