Chinese Media Urges People To Calm Down After Xi’s Blockchain Comments

The Chinese media urges the people in the country to calm down after the President commented China should embrace blockchain technology and invest more in it. His statements have led to a massive influx of interest in blockchain from all sides of the nation and in the blockchain news today we read more about it.

Both cryptocurrencies and blockchain have entered into the people’s lives after president Xi Jinping lauded the technologies in a political statement and his statement led to the influx of interest in the technology. The social media app WeChat showed the new statistics that the searchers for the Chinese terms for ‘bitcoin’ and ‘blockchain’ have surged by more than five times. Also, China’s publicly listed companies that have blockchain elements have skyrocketed higher on the Shanghai Stock Exchange and multiple stocks hit the 10 percent breaker limit during the trading session on Monday.

The Chinese companies listed on the NASDAQ platform rallied by 100% in a day’s time. There is a crypto mania starting in China and the Chinese media urges the people and the investors to remain rational and not replicate what was seen in 2017. China was once the capital of the bitcoin and crypto industry but the nation spawned Bitmain and other crypto asset investors due to risks, speculation and technological development.

In 2018 and 2017 the Chinese authorities started to ban crypto trading and Bitcoin was quickly phased out of the nation’s culture. However, the country took a serious U-turn and now the president of the country told the Chinese Communist Party’s central committee that there should be a further push for the adoption of blockchain as an important breakthrough for innovation of the core technologies. Xi also lauded the potential benefits of blockchain technologies including Finance, Education, food security and health care.

The people’s daily newspaper published by the Communist Party in China came out with an article calling for rationality in the country regarding blockchain. The outlet continued:

‘’Blockchain’s future is here but we must remain rational. The rise of blockchain technology was accompanied by that of cryptocurrencies, but innovation in blockchain technology does not mean we should speculate in virtual currencies.”