BEIJING, China – Traders are confounded concerning where China stands in regards to cryptocurrency as a result of mixed signals by the Chinese officials.
The optimistic opinion for crypto traders came after the exceptionally enthused speech produced by Chinese President Xi Jinping seeing block-chain on October 2-4. It’s powered the Bitcoin amount upto over 27 percent in only two days. However, the expectation for an develop in momentum in Bitcoin amount was halted by the current incidents from the nation.
Such events imply that crypto traders should demand cautious concerning distributing the pro-blockchain position of their federal government, since it doesn’t give carte blanche to all cryptocurrency companies and firms.
According to a report on Friday made by Chinese official state-run media, Xinhua News Agency, the Communist Party of China’s Political Bureau of the Central Committee, on the afternoon of October 24, is already done with the 18th collective study that covers blockchain technology.
The Chinese President, who is also the committee’s general secretary, later gave a speed where he stressed that the integrated utilization of the blockchain technology has a huge role when it comes to industrial transformation and new technological advancement.
Although the remarks made by President Xi were particularly about the blockchain technology and not about cryptocurrencies such as Bitcoin, the reports about his speech led to crypto traders from all over the globe to believe that the Chinese government fully supports blockchain and cryptocurrency, eventually, it powered up the rise in Bitcoin amount over 27%, dragging it from $7500 to $9500 in just less than 48 hours after the report about the speech before all else came out.
However, recent events in China led to the Bitcoin amount falling down. First, the event on November 15 confused the store after the president’s speech when TRON and Binance’s Weibo accounts got blocked. It led to a drop in the amount of Bitcoin to $8500.
Another report on November 18, Monday, shook the crypto store again, where the main state TV broadcaster in the country, China Central Television, aired an episode with a focus on blockchain and crypto. It was titled as something that depicts blockchain as not an ATM.
According to a transcript in the episode, while there’s great value in blockchain in terms of public services, tracking of agricultural products, and trade finance, the rise of blockchain has also caused some unrest in the society.
The effect of the doubt on whether China is pro-crypto is a shaky Bitcoin amount. As of November 19, 10:41 UTC, Bitcoin is at $8134, which is 4.17% drop from its previous amount in just 24 hours.
