Chinese Crypto Projects Have Exploded On Xi Jinping’s Blockchain Comments

Cryptocurrency by Sal Miah  | 3 weeks ago
Crypto, Bitcoin, China
3 min read

Xi Jinping breathed some new life into the already vibrant crypto industry in China.

After years of planning and enforcing regulations to control blockchain in China, Xi Jinping seemingly endorsed the technology.

While presiding over a blockchain group study session, Xi Jinping highlighted the importance of blockchain technology in the present and future, especially in this new era of technological innovation and industrial evolution.

The announcement was met with excitement as people started searching deliberately for Chinee blockchain projects.

Key Points From Jinping’s Comments

Xinhuanet reports various blockchain highlights in Xi Jinping’s address. These include emphasis in the following areas,

  • Strengthening basic research on blockchain to boost innovation capacity. The move could help China have the edge over other countries on blockchain technology.
  • Integration of blockchain technology with other key technologies of the future such as artificial intelligence, big data, and the internet of things.
  • Application of blockchain technology to innovate, optimize, and advance the digital economy in China.

Xi Jinping expects that the result of blockchain integration is better and secure connectivity that will aid in the flow of information. This would help both the private sector and the government to carry out its duty efficiently and effectively.

He also highlighted the vital role blockchain could play in cyberspace.

Immediate Impact

A few hours after Xi Jinping’s address, the price of cryptocurrencies in China soared.

IOST chart | Source: CoinMarketCap

 

 

Neo performance in the last month | Source: CoinMarketCap

Bytom performance | Source: CoinMarketCap

All the charts above have one trend in common, an immediate rise in price triggered around the time Xi Jinping made his announcement.

Some even gave some light-hearted comments about the brilliance of China’s leader.

China’s blockchain support is crucial, judging from Bitcoin’s flirt with $10,000 also coming after the announcement.

China may have just started the next phase of blockchain.

 

Featured Image Source: The PanAtlantic Journal