RATE Group | Chinese State Media Maintains the ‘Yes Blockchain, No Cryptocurrency’ Policy
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Chinese State Media Maintains the ‘Yes Blockchain, No Cryptocurrency’ Policy

01 Nov Chinese State Media Maintains the ‘Yes Blockchain, No Cryptocurrency’ Policy

Posted at 00:24h in Cryptocurrency News by

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China against crypto, pro blockchain

Last week, Chinese President Xi Jinping made several positive remarks regarding blockchain adoption, which sent the share prices of various blockchain-related firms to higher levels. The comments from the Chinese leader also skyrocketed Bitcoin(BTC)trade, resulting in last week’s rally that the crypto market witnessed.

However, the Chinese state newspaper the People’s Daily released a commentary, explaining that investors shouldn’t refer to this blockchain endorsement as a support for the entire crypto market as a whole.

Xi Jining said that China should boost the development of distributed ledger technology and blockchain, which is the underlying technology of cryptocurrencies such as Bitcoin.

The People’s Daily newspaper, a state-run news outlet, as published on Monday that “Blockchain’s future is here but we must remain rational. The rise of blockchain technology was accompanied by that of cryptocurrencies, but innovation in blockchain technology does not mean we should…

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