The general sentiment regarding blockchain technology in China at the moment is now extremely encouraging. A few days ago, President Xi Jinping urged the country to do everything it can to embrace blockchain technology in the country. Since then, things have been looking quite encouraging especially as blockchain companies on China’s A-share market hit their 10% daily limit in reaction to the approval from the president.
In addition, according to information from WeChat, there was an unbelievable spike in searches on its platform that relate to blockchain and Bitcoin. Reports show that Blockchain searches on Oct. 23rd stood at about 777,000 with Bitcoin lower at 572,000. Two days later, these same numbers jumped to 9.2 million and 1.3 million respectively.
Furthermore, the general clime seems to be improving quite well, so much that many Chinese officials have begun deleting any published posts that might run contrary to the president’s endorsement of blockchain technology. Many social media services and other publications have already begun to remove any anti-blockchain posts. Chinese Congress has also passed a law to regulate cryptography, which will take effect from the 1st of Jan., 2020/
This spike was also seen with TRX, the digital asset from the TRON Foundation. TRX significantly profited from the events because in less than 24 hours, it jumped by almost 30% and officially displaced Stellar’s XLM, becoming the 10th largest crypto in the world.
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