New ‘Blockchain Village’ Concept Pops Up in China’s Wenzhou Region from Local Residents

According to some reports, a Chinese village located in the Wenzhou Zhejiang region, Yuedong, gathered the attention of the media after it showed openness towards digital currencies and blockchain technology. China has been a very closed country in terms of adopting and accepting cryptocurrencies such as Bitcoin (BTC).

China’s New Blockchain and Crypto Village?

The village of Yuedong is known for being a friendly place towards digital currencies, including Bitcoin. The local reporter Lylian Teng explained that there are several crypto-related visitors in the city and that citizens know about it.

According to the Teng, an individual in the city called Yang Linke was the co-founder of China’s first Bitcoin exchange in the country, Btcchina. The village has also a river that features crypto-related logos on its sides after a local individual placed them there.

As per Lin, between 60% and 70% of the people in that village knows about blockchain technology or have invested in virtual currencies. Moreover, 10% of the citizens of the village have already helped the technology grow.

Linke wrote about it:

“Things can be seen in Silicon Valley, but they appear in our remote mountain village. We Wenzhou people dare to be the first in the world.”

There are several virtual currencies carved into the stone. Some of these digital assets are Bitcoin, Ethereum, Ethereum Classic (ETC), Binance Coin (BNB) and also Ontology (ONT). The carvings have been performed by enthusiasts in the region that received donations to specifically do them.

Now, the Chinese government continues with the control of the crypto market. Trading volumes in the country dropped as soon as the ban entered into effect. In the future, the country could start to reduce the regulations imposed on the market. There are other jurisdictions that are trying to attract investors and companies and are creating very friendly regulations for cryptocurrencies.

Nevertheless, China is a country that has large control over its population. With virtual currencies growing, it would be much more difficult for the country to control individuals.

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