Chinese government officials meet with VeChain, praise its technology

  • China has been making anti-crypto moves recently, but in a refreshing change, government officials visited VeChain offices and praised its technology.
  • This comes at a time when the project announced that VeChainThor had hit a big milestone – one million accounts.

China has been grabbing the headlines in regards to cryptocurrencies in the past month, but for the wrong reasons. The country is seeking to stamp out Bitcoin mining while also prohibiting banks from processing crypto-related transactions. However, in a refreshing change, government officials have praised blockchain technology, specifically VeChain.

The VeChain Foundation revealed recently that officials from three of China’s more important districts had paid a visit to its Singapore offices. As per the Foundation, the leaders from Shanghai, Changning and Huangpu district were seeking to discuss potential transformative collaborations.

“The VeChain blockchain is ever-ready to serve the community, enterprises, governments and more,” it stated.

Chinese crypto publication ChainNews dug further into what the meeting was about. As per its report, the officials expressed their confidence that blockchain technology will play an important role in the future of the digital economy.

According to ChainNews, during the meeting, the officials “repeatedly expressed their recognition and affirmation of VeChain technology’s business development direction.”

This kind of recognition by the Chinese government could go a long way in determining the future of VeChain. China is the world’s second-largest economy, with experts projecting it will overtake the U.S by 2032. It also has the world’s highest population at over 1.4 billion people. As such, adoption in China would make VeChain a contender for the world’s biggest blockchain.

Over the years, China has also proven to be among the world’s fastest technology adopters. This is most visible in its aggressive development of a CBDC.

VeChainThor hits 1 million accounts

In yet more positive news, the VeChain Foundation has announced that it has hit 1 million accounts. The blockchain project achieved this landmark on May 26, a month before its third anniversary.

It stated:

We’re steadily heading towards mass adoption together with enterprise users and active VET & VIP180 holders from the community.

The blockchain has seen continued adoption as it solidifies its status as the enterprise blockchain of choice. It boasts of having some of the world’s leading firms, including giants like Walmart, LVMH and BMW on its blockchain.

VeChain has recently looked to get into NFTs, a sector that’s seeing unprecedented growth. However, it has advanced the technology to include big companies as well in what it defines as enterprise NFTs, or eNFTs.

VeChain recently explained:

eNFT technology makes it possible for enterprises to change the way that their assets are circulated and traded, even creating new service areas, expanding and enhancing product claims and allowing businesses to trustlessly detail their attributes.

About Author

Steve has been a blockchain writer for four years, and a crypto enthusiast for even longer. He is most excited by the application of blockchain to solve the challenges facing developing nations.

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