Oct 31 / 2019
Latest News / Blockchain news/ Crypto
katy micallef
Posted by: Katy Micallef

China cracks down on blockchain cynics

Asia’s positive stance on emerging tech right on time for AIBC Manila 2020

China is preparing to secure its role as a leader in a growing, global digital economy ahead of its 2020 launch of a state-backed cryptocurrency by cracking down on anti-blockchain sentiment.

The move comes just days after President Xi Jinping hailed blockchain as an ‘important breakthrough’ that should be developed. The ban, which has included the removal of online posts claiming blockchain technology is a scam, hails an important turnaround for the Asian behemoth, which was initially reluctant to embrace crypto platforms and exchanges.

This change of heart is expected to produce a massive shift towards tech adoption throughout Asia, with a positive impact already evident in some quarters. The crpto industry can, in part, thank China for a recent price surge that saw its value rise from below $7,500 to above $10,000 in the space of just a few hours.

As Asia relaxes its stance and embraces new tech, SiGMA Group’s recent decision to expand into the continent certainly couldn’t have been better timed, with a supershow in Manila planned for 2020.

China has also passed a new law, which will come into effect on 1 January, aimed at “facilitating the development of the cryptography business and ensuring the security of cyberspace and information”. It is understood that the new law will precede the launch of China’s state-backed cryptocurrency, which is expected to be unveiled early next year. No specific dates have been given but in August a senior official at China’s central bank said it was “close to being out”.

“This is a clear signal that the leader of the world’s second-largest economy is moving towards embracing the technology – in which Bitcoin plays a vital part – and therefore taken as a positive boost for the whole digital currencies sector,” Nigel Green, CEO of financial advisory firm deVere Group, told The Independent.

“Perhaps quite sensibly, investors could not ignore the comments and sentiment expressed by President Xi and reacted by increasing exposure to bitcoin. It also comes as China is said to be developing its own national digital currency, which is further proof that in some form or another, digital currency is the future.”

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