Re: How does the adoption of China affects the crypto market and blockchain industry

Quote from: Jayson (Torum) on November 04, 2019, 09:51:15 AM

A week ago, President Xi of China has urged the Chinese to seize opportunities in the crypto market and blockchain industry. The announcement caught the market by surprise and drive the price of Bitcoin up until $10, 000. I personally believe that with the participation of Chinese, it is undoubtedly that the adoption rate would be greatly increased. But, wouldn't it subject the Chinese projects to be under the influence of Communist Party of China? What are your thoughts on this one?

Reference:
(i) https://www.coindesk.com/president-xi-says-china-should-seize-opportunity-to-adopt-blockchain
(ii) https://cointelegraph.com/news/breaking-chinas-xi-jinping-urges-accelerated-blockchain-technology-adoption
(iii) https://cryptoslate.com/crypto-community-divided-over-chinas-blockchain-law/

I think jinping only said to explore opportunities in blockchain and almost every government around world has said this because blockchain is such a miraculous invention. When it comes to Cryptocurrencies they are still a pain in the ass for most of the governments. I think this statement is merely start of an initiative and it doesn't indicates that bitcoin exchanges can be un banned in India. I am very interested to see how China explore opportunities in Cryptocurrencies.