Breaking News: "China's President Xi Jinping wants the country to 'take the leading position' in blockchain"
September 2017 was the month when China announced "its ban" on Bitcoin and trading Bitcoin and that was the date when BTC plummeted to under $3000 in minutes after it held way above $4,000 for months. Now the time has come for the Communist country to boost the price of Bitcoin and show the world its power.
In a recent news today by theblockcrypto.com it is stated that "China's President Xi Jinping wants the country to 'take the leading position' in blockchain" and finally "admits" that blockchain is the way. Indirectly of course.
Looks like China has worked in silence and according to president Xi Jinping the country "already has a solid foundation to develop blockchain technology". Now they just want to become the leaders in this technology and no one can blame them. Who doesn't?
Of course that the problems that China is expecting to solve by using the blockchain technology are related to finance and the banking system and according to the media outlet quoted above the Chinese are working for about five years in developing their own digital national currency and "its birth" might just be around the corner. Big steps are made in silence one could say.
My attitude towards the news is: go get it China and please...please boost a bit that BTC price and generate some real juicy FOMO so we can have a bull market again. This time I'm prepared for it...
More details you can find in here if you're interested about the topic: https://www.theblockcrypto.com/post/44646/xi-jinping-says-to-let-china-take-the-leading-position-in-blockchain
Thanks for attention,
Adrian
That is great news... unless that triggers US (and others) to take the opposing position.
They might be left behind if they do that.
You might be right... It's more likely they will engage in a "who's first" race. That will be good for public blockchains, even if these countries will most likely focus on having their own blockchains and crypto. Because adoption will rise for regular people.
Exactly. It feels like somehow China turned on the green light for such "who's first" race.
I think that China is interested in technology which could be saving cost significantly when compared to traditional settlement systems. However, I think their use of the blockchain could not be farther from the values that Bitcoin stands for, i.e. permission-less usage, censorship resistance, and a fixed and predefined issuance of coins.
I agree and I hope that their national digital currency will not strengthen even more their already exagerated surveillance system and help "Big Brother" get even stronger. Such news for sure will incentives other leading powers to follow the suit in my opinion.