The crypto momentum is all coming from China at the moment. As the US continues to stumble over its own bureaucratic hurdles, the red dragon is steaming ahead with more blockchain bullishness that will ultimately benefit the wider crypto industry.
Chinese State Media Can’t Get Enough of ‘Blockchain’
Founding partner at Primitive Crypto and China industry observer Dovey Wan just tweeted that state media has published another blockchain commentary.
“People’s Daily (CCP’s official media outlet) just published another featured commentary as ‘Blockchain, a breaking point for China to overtake’”
People’s Daily (CCP’s official media outlet) just published another featured commentary as “Blockchain, a breaking point for China to overtake”
Highlighted part really worths extra read here (attached auto translation) pic.twitter.com/y7p3p5vjxC
— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) November 4, 2019
The post, which was translated by software, attempts to warn of the differences between distributed ledger technology and virtual currency speculation. It continued to state that blockchain announcements should not be used to hype up cryptocurrencies.
“It should be noted that blockchain is still in the early stage of development and needs to be further developed and improved in terms of safety standards and supervision,”
The implication here is that there will be a lot more research into the technology by the state. The bulletin went on to state that regulations should be adopted to further promote the use of blockchain.
It added that China is already established in the field and some large internet companies are already delving into the blockchain.
“More than 20 provinces have introduced policies to promote the blockchain industry,”
When asked about sentiment,