According to regional reports from China, a village located within the Wenzhou, Zhejiang region called Yuedong has been gathering attention due to its receptiveness toward cryptocurrencies and blockchain technology. In consonance with social media posts on Weibo, roughly 60 percent of the residents in Yuedong know about cryptocurrencies and many of the villagers have invested as well.
The mountain village of Yuedong is now known for its friendliness toward digital currencies. On March 7, people shared pictures of the hamlet, which local residents have dubbed the “blockchain industrial village,” on Weibo. Local columnist lylian Teng also confirmed the story and spoke with a villager, surnamed Lin, residing there. Lin explained that Yuedong has recently become very popular and receives a lot of crypto visitors. The report added that a majority of the Yuedong villagers embrace cryptocurrencies because an individual named Yang Linke was born in the village. Linke was the cofounder of China’s first bitcoin exchange Btcchina and Yuedong residents hold him in high regard.
Speaking about his hometown and sharing pictures of the guardrails with cryptocurrency symbols etched in stone, Yang Linke wrote to his followers on Weibo:
Things that 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.
When the cryptocurrency bull run of 2017 happened, the Chinese government made real estate property policies extremely strict, so Chen and crew decided to sell all the real estate and profits for cryptocurrencies. According to the Yuedong villager surnamed Lin, officials from local Wenzhou government think highly of the “blockchain industrial village” initiative.
This is an important model and it will be interesting to see how this positive interest in blockchain and cryptocurrency evolves for this village. Will this allow them to put in place a series of government regulations, businesses and supportive environment for citizens to invest and get involved in the crypto industry? Will this move position them to succeed as the new economy continues to grow and disrupt traditional financial sector operations? The truth will probably be somewhere in the middle and should position the village to be a player in the crypto world.