RATE Group | China Warns Against Cryptocurrency ‘Speculation’ Amid Blockchain Hype
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China Warns Against Cryptocurrency ‘Speculation’ Amid Blockchain Hype

29 Oct China Warns Against Cryptocurrency ‘Speculation’ Amid Blockchain Hype

Posted at 09:52h in Cryptocurrency News by

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China should embrace blockchain technology but not “speculate” about cryptocurrencies such as Bitcoin (BTC), state media claim.

State newspaper: “We must remain rational”

As Reuters reported on Oct. 29 quoting local news outlet the People’s Daily, Beijing’s previously-announced support for blockchain should not be read as support for crypto.

The People’s Daily is a publication under the direct control of the ruling political power, the Communist Party of China.

“Blockchain’s future is here but we must remain rational,” it wrote. The publication continued: 

“The rise of blockchain technology was accompanied by that of cryptocurrencies, but innovation in blockchain technology does not mean we should speculate in virtual currencies.”

Bitcoin still higher after blockchain remarks

The veiled warning comes days after Chinese president, Xi Jinping, publicly pledged to make the country the world’s number one blockchain environment in a speech. 

His words came along…

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