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VeChain (VET) could partner with the Chinese government to expand blockchain

Officials include the leaders from Huangpu, Changning, and Shanghai districts. According to the company, they were planning to discuss potential transformative partnerships

The Chinese government has been very vocal about its dislike for cryptocurrency trading and mining lately, but the country’s love for Blockchain technology is obvious.

The country recently prohibited the mining of Bitcoin and other cryptocurrencies in the country. However, the government officials recently visited Blockchain platform VeChain (VET/USD), praising its technology.

Potential transformative partnerships

It’s no secret that China has prioritized blockchain technology and the launch of its central bank digital currency (CBDC).  However, the country is firmly against the growth of Bitcoin (BTC/USD) and other cryptocurrencies due to their perceived high risk.

VeChain Foundation stated that officials from three districts in China visited its Singapore offices. The officials include the leaders from Huangpu, Changning, and the Shanghai district. According to the company, they were planning to discuss potential transformative partnerships.

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

The company stated that it is ready to serve enterprises, the government, and the community more. Based on the report, the officials expressed their belief that blockchain technology has a major role to play in the future of the digital economy.

The officials also expressed their admiration of the technology and confirmed VeChain’s technology business development direction.

Growth potential for VeChain

This recognition, according to the firm could help VeChain grow speedily in the technology space.

It’s even more important, knowing that China has the largest population and the second-largest economy in the world. It’s also projected to become the largest economy in the world

Adoption in China will put VeChain into serious contention as the world’s biggest blockchain, based on the size of the market it could control.

This sort of news can galvanize VeChain’s operations and customer base. The platform already has 1 million accounts, and it’s only three years old.

   

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