RATE Group | China’s State-Controlled Media Explains Bitcoin to Millions: Knock-On Effect
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China’s State-Controlled Media Explains Bitcoin to Millions: Knock-On Effect

27 Oct China’s State-Controlled Media Explains Bitcoin to Millions: Knock-On Effect

Posted at 20:45h in Bitcoin News by

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Many wrote off Chinese president Xi Jinping’s recent endorsement of blockchain as non-beneficial for Bitcoin and other cryptocurrencies. But this is quickly proving itself to not be true.

For those who missed the memo, a quick interlude. On Friday, Chinese state media outlet Xinhua revealed that China’s leader had called for the adoption of blockchain “as an important breakthrough for independent innovation of core technologies” in a meeting of the Political Bureau of the Chinese Communist Party’s Central Committee. State-run outlet Xinhua revealed that Xi lauded the potential benefits of blockchain technologies in a swath of industries, including finance, education, health care, food security, and more.

Related Reading: What Drove Bitcoin Price to $10,500? Not Chinese Crypto Traders, Apparently

Bitcoin Joins Blockchain in Going Mainstream in China 

While President Xi’s focus was evidently on the benefits of blockchain technology, the ripple effects of his statements have…

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