Jump to content

China state paper urges calm after blockchain stocks, bitcoin soar


steven36
 Share

Recommended Posts

SHANGHAI (Reuters) - Chinese state media urged investors to remain rational and not equate Beijing’s support for blockchain as a boost for virtual currencies, after comments by Chinese President Xi Jinping drove up shares in blockchain-related firms and the price of bitcoin.

 

 

125625507_157233136632174233.jpg

 

Xi said last week that China should accelerate the development of blockchain technology, a digital ledger that forms the backbone of many cryptocurrencies such as bitcoin. His remarks sparked a rush into the shares of firms engaged in, or believed to be engaged in blockchain or digital currency-related businesses.

 

“Blockchain’s future is here but we must remain rational,” the People’s Daily newspaper, which is published by China’s ruling Communist Party, said in a commentary late on Monday.

 

“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,” it said.

 

The government cracked down on the country’s cryptocurrency industry in 2017 with regulators banning the practice of creating and selling virtual currencies or tokens and shutting local cryptocurrency trading exchanges, saying that they were facilitating illegal fundraising and pyramid schemes.

 

Chinese officials, however, said at the time that the research into blockchain technology was still encouraged although Xi’s comments were the first time Beijing had publicly thrown such vocal support behind the sector.

 

Beijing is also creating its own central bank-issued digital currency to cut the costs of circulating traditional paper money and boost policymakers’ control of money supply.

 

Source

  • Like 3
Link to comment
Share on other sites

A source who wishes to remain anonymous has alleged that certain      

American bad actors ( some politically powerful ) are pushing

blockchain in various states within the united states itself...

Time will tell...😎

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...