The Shanghai Headquarters of the People's Bank of China said that in the process of promoting the blockchain technology, virtual currency speculation has gone up. Next, the cryptocurrency business activities in the area will be continuously monitored. Once illegal activity is found, it will be punished immediately, and it will be done early and prevent it from happening. The Shanghai Headquarters of the People's Bank of China said it would rectify illegal cryptocurrency speculation and remind investors not to replace cryptocurrency with blockchain technology. As soon as the news came out, Bitcoins market was also affected by it. It recently broke through the $7,000 level and continued to go down.
I'm not quite sure if this could be considered as either positive or negative news. The Shanghai headquarters seems to be in good spirits with this promotion, even it it seems like an attempt to profit in on the increased amount of speculation. Either way, whether good or bad, it's a very smart and strategic move. Maybe other countries will follow within similar footsteps, because it seems like Blockchain tech has taken the world by storm. I'm quite sure nobody wants to be left behind on the innovation, not even the governments.