RATE Group | China Reverses Cryptocurrency Ban and Now Wants to Dominate It
67962
post-template-default,single,single-post,postid-67962,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

China Reverses Cryptocurrency Ban and Now Wants to Dominate It

08 Nov China Reverses Cryptocurrency Ban and Now Wants to Dominate It

Posted at 14:22h in Cryptocurrency News by

[ad_1]

The Chinese regime reversed a two year ban on cryptocurrencies and now wants to dominate blockchain technology to improve tracking of its own citizens.

Zhejiang University professor Chen Chun successfully explained to Chinese leader Xi Jinping and the Political Bureau of China’s Communist Party on Oct. 24 that “the application of blockchain technology plays an important role in new technological innovation and industrial transformation,” according to Xinhua state media.

Xi told Politburo members the following day that China must “seize the opportunity” for blockchain to play “an important role in the next round of technological transformations in areas such as financing businesses, mass transit and poverty alleviation. Xi directed China to expedite issuing its own digital currency to beat the U.S.-based Facebook’s launch of Libra Coin in order to open up a new competitive front in its growing “Tech War” rivalry with the United States, according to Enodo…

[ad_2]

Source link

Tags:
, , , ,