China ‘s Ministry of Human Resources and Social Security has officially recognized blockchain developer as an official position in the nation
According to local media reports, China ‘s Ministry of Human Resources and Social Security has added the position of “blockchain developer/operator” to the country’s official job list. This new official position has been added along with eight others and is probably intended to address an acute shortage of blockchain developers in the country.
With the advent of the digital yuan, the need for blockchain developers in China has increased. The new digital currency will be at the centre of a new financial ecosystem, likely to be offered to China’s trading partners.
China is building a vast network of blockchains
In 2018, President Xi Jinping announced his intention to make China the most technologically innovative country in the world, with AI and blockchain development as the driving force behind this initiative.
As of November 2019, China was responsible for more than 25% of the development of new blockchains, while its spending on blockchains reached $300 million. It is expected to increase at an annual rate of 65.7% between 2018 and 2023.
During the blockchain opinion leaders’ discussions at the Penn Wharton China Center, the claim that China owns up to 72% of Bitcoin’s mining energy was raised. During these discussions, one participant stated, “China is very supportive of blockchain technology and the government has positioned itself to dominate the blockchain space in the world.”
One thing that could be a problem for China is its limited access to global financial markets and a currency that is not widely used outside domestic markets.
Market Demand for Blockchain Specialists
The announcement from the Ministry of Human Resources and Social Security openly acknowledges that blockchain development will intensify in China and that there will be an increasing need to add talented professionals to state-owned enterprises, as well as to the private sector.
Ripple co-founder and executive chairman Chris Larsen recently told a Wall Street Journal reporter that the United States is putting itself in a risky position by allowing China’s blockchain development boom to continue unchecked.
He made this comment:
“(U.S. regulators) have effectively shut them down (ICO by bad actors). We have won this war. Now we are in a phase: How can we compete with China? How can we keep pace? And so far, frankly, US regulators have actually helped China by officially clarifying the two protocols that are effectively controlled by Chinese miners: Bitcoin and Ethereum. This is a mistake.