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REACTIONS FROM CHINA’S BLOCKCHAIN ANNOUNCEMENT

Since the blockchain frenzy in China following President Xi Jinping’s endorsement- check out Xi Jinping’s Full Speech –contexualized and translated -at the 18th Collective Study of the Chinese Political Bureau. We have seen various reactions from the markets and world leaders: 


MARKETS

FT: Xi Jinping’s endorsement of blockchain sparks China stocks frenzy. https://on.ft.com/2BOLGUx

WeChat Searches for ‘Blockchain’ and A-Share Stocks Skyrocket: Stocks in Chinese blockchain A-share firms maxed out to their 10% daily limit after an endorsement of the technology from the highest echelons of power. http://bit.ly/2JuOjiu

Chinese cryptocurrencies have emerged from the doldrums to take centre stage. Home-grown cryptocurrencies NEO, Ontology (ONT), Quantum (QTUM), VeChain (VET) and others saw gains of more than 50%. Bytom (BTM), saw an increase of 459%, as per reports on China’s Huobi exchange. Google translate
 


POLITICS

China Passes First-Ever ‘Crypto Law’ Going Into Effect January 2020: the new regulatory framework aims to set standards for the application of cryptography and the management of passwords. http://bit.ly/31VzQlS

China’s politics and law committee stated in its WeChat official account that China is striving for the number one in blockchain area all over the world. http://bit.ly/2JvMWA9

A leading executive at a Chinese economics think tank has said that China’s central bank will be the first to launch a digital currency successfully. http://bit.ly/2JuPVZH

In a sign of China’s abrupt official about-turn on blockchain, officials are deleting posts that claim the technology is a scam.  Xuexi Qiangguo, China’s most downloaded app on Apple’s App Store, will feature educational content on Bitcoin (BTC) and Ether (ETH). http://bit.ly/34aJlPU

China Wants Communist Party Members to Pledge Loyalty on Blockchain. http://bit.ly/36p9MmS

Governments in emerging markets must have greater say in the regulation of digital currencies that could facilitate illegal capital flows and disrupt foreign exchange management, a senior official of China’s foreign exchange regulator. https://reut.rs/2PDHqzp

A local politician is now considering how to make China’s Sichuan province – a major bitcoin mining hubremain attractive to the crypto industry. http://bit.ly/34ggVDR


BUSINESS

WeChat parent company Tencent has got the green light to draft international blockchain-based invoice standards. http://bit.ly/2MWD1Ww


MEDIA

People’s Daily, China’s official news outlet, caries that Beijing’s previously-announced support for blockchain should not be read as support for crypto. http://bit.ly/36gTY5B

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