Representatives of a number of leading Australian blockchain companies visited Shanghai in order to strengthen ties with the largest Chinese financial companies. The trip is supported by the Austrade and the Australian Digital Commerce. Representatives of Labrys, Beam, and AgriDigital are already acquainted with Chinese fintech ecosystem within the framework of its trade mission. Entrepreneurs have already visited some of the largest Chinese technical enterprises, including Ant Financial, a branch of Alibaba.
Australia is the Chair of the group of the International Standards Organisation (ISO), which sets standards for blockchain. Therefore, the country plays a key role in the area in which China wants to expand its activities. At the same time, Australia should involve China in the development of international standards, taking into account the importance of their work in the blockchain.
WHY IS IT IMPORTANT?
- China is very strict about digital money. The Chinese government banned cryptocurrencies and ICO. At the same time, the state is very positive about the blockchain. Not so long ago, President Xi Jinping for the first time publicly spoke in a positive way about the distributed ledger technology, recognizing its breakthrough potential. China also ranks first in the world in the number of applications for patents in the areas of developing technologies – blockchain and artificial intelligence (AI).
- Australian startups will be able to better understand China's ambitions and role in the developing technological dimension and how this country will become a key player in this field. China, for its part, sees Australia as a reliable leader in the blockchain sector.