China encourages blockchain embracement and discourages cryptocurrency speculation
- Citizens China advised to shun speculation surrounding cryptocurrencies.
- Xi Jinping, China’s president recently pledged support for blockchain.
China’s People’s Daily is said to be encouraging its citizens to embrace the blockchain technology. At the same time, the state media is asking the people to shun speculation regarding cryptocurrencies.
“Blockchain’s future is here but we must remain rational.”
The People’s Daily continued:
“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.”
Recently the Chinese President, Xi Jinping assured that his government was going to support innovation with the blockchain. The support comes at a time when China is preparing to launch its own central bank-backed digital asset.
Meanwhile, cryptocurrency trading remains banned in mainland China while speculation is also being discouraged.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
