According to regional reports from China, a village in the Wenzhou region of Zhejiang, Yuedong, has attracted attention for its openness to cryptocurrencies and blockchain technology. In line with the social media contributions to Weibo, around 60 percent of Yuedong's residents are aware of cryptocurrencies, and many villagers have also invested.
Also read: Chinese real estate traders tap into the cryptocurrency market
Wenzhou's "Blockchain Industrial Village"
The mountain village of Yuedong is known today for its friendliness towards digital currencies. On March 7, people shared pictures of the hamlet that residents on Weibo called an "industrial village with block chains." Local columnist Leng Teng also confirmed the story and talked to a villager named Lin who lived there. Lin explained that Yuedong has been very popular lately and receives many crypto visitors. The report added that a majority of villagers in Yuedong embrace cryptocurrencies because a person named Yang Linke was born in the village. Linke was the co-founder of the first Bitcoin exchange in China. Btcchina and the inhabitants of Yuedong appreciate him highly.
Another interesting fact about the village is that a river flows through whose guardrails have etched crypto currency logos into the stone. Being an early cryptocurrency user, Yang Linke has convinced many young people in his hometown that cryptocurrency solutions are the future. Yuedong's villagers Lin estimates that 60-70 percent of Yuedong residents know blockchain technology or are invested in digital assets. According to Teng, about ten percent of residents in the Wenzhou region reported strengthening blockchain technology. Yang Linke talked about his hometown and shared images of the guardrails with cryptocurrency symbols carved in stone. He wrote his followers on Weibo:
Things you can see in Silicon Valley, but they appear in our remote mountain village. We Wenzhou people dare to be the first in the world.
The "Wenzhou Gang" stages crypto
The villager Lin explained that around 10 different crypto currencies were carved into the stone at the guardrails, including coins such as BTC, ETH, ETC, BNB and ONT. The 1,000 meter Steindamm carvings were fully funded by crypto donations, and villagers in the city are in the midst of building a "blockchain theme park." Residents of the Wenzhou region are known for their business and their money also earns an Eos block producer in the village called "Eos-Wenzhou". Many of the cryptocurrency investors living in prefecture-level city southeastern Zhejiang Province have been referred to as the "Wenzhou Gang."
News.Bitcoin.com reported on Wenzhou Gang in December 2017 as many of Wenzhou's investors aggressively invested in cryptocurrencies and real estate across China at the time. In 2008, a Wenzhounese dealer named Chen founded a real estate group of 20 friends, all of whom bought real estate as a team.
However, when the 2017 cryptocurrency bull run took place, the Chinese government made the real estate policy extremely strict so that Chen and the crew decided to sell all real estate and profits for cryptocurrencies. According to the Yuedong villager named Lin, Wenzhou local government officials highly appreciate the "Blockchain Industrial Village" initiative.
What do you think of the investors in Yuedong and Wenzhou, who are turning the mountain region into a blockchain hub? Let us know in the comments below.
Photo credits: Yang Linke, Shutterstock, Weibo and 8btc.
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The inhabitants of China in Wenzhou confirm the idea of a "Blockchain Village" for the first time in the Bitcoin News.