
China Over Cryptocurrency
By Nvest campus on ALTCOIN MAGAZINE
China’s President Xi Jinping insisted on the nation to begin the usage of cryptocurrency. This is due to the improvement in technological innovation and industrial standardization.
The president was speaking at the Central Committee Political Bureau on the development of blockchain.
Xi Jinping quoted:
“We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation”
Having seen Jinping’s statement, Mati Greenspan, Senior Market Analyst at eToro said:
“Now that’s pretty big!! Seeing China fully embrace blockchain technology in such a public way is great for the entire crypto industry, which in turn is great for Bitcoin.”
Earlier in May, Jinping urged the need for blockchain technology and to make China a powerful place in the technology field like never before.
Also, the US could face security risks if it continues to move away from public spending. China is way ahead of the US in this aspect which will be a major setback for the US.
As a result of the President’s words, the bitcoin price is now at over $9,000 per bitcoin. This is after dropping to almost $7,000 on Thursday. Also, this is heading fast towards the benchmark of $10,000.
Earlier in 2017, China banned bitcoin and cryptocurrency exchange some took Xi’s blockchain comments as a sign the country could ease bitcoin and crypto restrictions.
To know more about cryptocurrencies price, market cap and other metrics visit Global Exchange (GX trade).

