THELOGICALINDIAN - According to the 2024 Top Markets Address of Financial Technology produced by the US International Trade Administration ITA Bitcoin is one of the top focuses of Chinas FinTech bazaar The ITA is a agency aural the US Department of Commerce and this address is a bazaar appraisal apparatus for US exporters
Also read: China’s Constant Bubbles Drive Investors to Bitcoin in Droves
Why the ITA Pays Attention to China
The additional better abridgement in the apple is able-bodied accent in the
ITA’s report. The country is ranked as the cardinal one projected consign bazaar for 2017 in the payments category, which is a subsector of FinTech subsector. For the all-embracing FinTech sector, Ceramics ranks additional alone to Japan while the UK is third. Since this is a account of consign markets, the U.S. is not included in the rankings.
China’s FinTech Scene
According to PricewaterhouseCoopers (PwC), China is “by far the biggest FinTech ecosystem in accord admeasurement and cardinal of deals done.” Independently, a 100-page Citigroup’s report claims that Chinese FinTech firms may accept alike added audience than the better banks. However, apropos the authoritative administration for the FinTech sector, the ITA address states that it is still in development, agnate to best added countries. Also, it accurately finds that:
Chinese Payments & Lending
In China, about 1 in 10 of all Chinese payments is done 
through Alibaba’s Alipay, the ITA address says. An absolute report by McKinsey states that “third affair acquittal transaction volume, at over >10 abundance RMB, calmly overshadows US and EU leaders such as Paypal.” In fact, McKinsey adds that at the end of 2015, 89.2% of China’s 12 abundance renminbi ($1.8 trillion) Internet accounts area consisted of third-party payments.
For lending, McKinsey states that “the P2P lending transaction volume, at added than 500 actor RMB, is the better globally.”
Chinese Bitcoin Scene
As for Bitcoin, 80% of absolute Bitcoin aggregate is exchanged through the Yuan currency, the ITA address notes. In fact, the bulk has afresh fluctuated to aloft 90%.
The majority of Bitcoin mining ability is additionally amid in the country, and Bitcoin contest are consistently actuality held there with speakers from all over the world.
In March, CEO of BTCC, Bobby Lee told TechinAsia that “people in China are affairs and affairs Bitcoin in boatloads.” He said:
In June, a bunch of technology and banking firms in China, including Chinese chase giant, Baidu, fabricated a $60 million investment in the Chinese assemblage of Circle. Circle Founder and CEO, Jeremy Allaire, said to USAToday that:
Allaire additionally acclaimed at the time that China is able-bodied advanced of the U.S. in adopting agenda acquittal systems.
Do you anticipate the ITA is appropriate that China’s FinTech bazaar is focused on Bitcoin? Let us apperceive in the animadversion area below.
Images address of Cnbc, Bitcoinity, kme.digital
