The Ripple Effect of Xi Jinping’s Blockchain Endorsement
In a world where blockchain feels like the mysterious cousin nobody talks about at family gatherings, Chinese President Xi Jinping just gave it a hug and a warm welcome. During the Politburo Committee session on October 24th, Xi publicly urged the nation to accelerate blockchain adoption, making a proclamation that left crypto enthusiasts buzzing.
Mike Novogratz: The Crypto Cheerleader
Enter Mike Novogratz, the CEO of Galaxy Digital. During the Reuters Global Investment Outlook 2020 Summit in New York, he shared that Xi’s announcements transformed the perception of blockchain and cryptocurrency not just in China, but globally. Novogratz passionately declared that Xi “just credentialized crypto and blockchain,” suggesting the Chinese President’s words were like a thumbs-up from a stern parent—now, blockchain can officially hang out with the cool kids.
China’s Long Dance with Blockchain
Historically, China’s relationship with cryptocurrencies has resembled a soap opera: filled with twists, turns, and plenty of drama. A couple of months back, the National Development and Reform Commission was ready to banish crypto mining from the nation, essentially knocking the ‘stool’ out from under many crypto enthusiasts. Yet here we are, in November, with the same country now stating Bitcoin mining will not be deemed ‘undesirable.’ Talk about a plot twist!
Can Blockchain Replace Bitcoin?
While the state-run media clarified that its enthusiasm for blockchain should not be interpreted as an endorsement for cryptocurrencies, the silence on the viability of Bitcoin and others has been broken. It’s a classic case of ‘we’ll tolerate you because you’re kind of popular but don’t get too comfortable.’
The New Crypto Law: What Does It All Mean?
What’s this new crypto law, you ask? Well, grab your legislative popcorn because the Standing Committee of the 13th National People’s Congress rolled out a new framework on October 26, set to take effect January 1, 2020. Although crypto trading remains a no-go, the new standards for cryptography applications and balance management suggest that China is quietly setting the stage for something bigger.
The Future: China’s Digital Renminbi
Looking ahead, all eyes are on China’s central bank as it races to launch its digital currency. An executive from the China Center for International Economic Exchanges predicts they’ll lead the pack in this digital revolution. So, if you’re holding your breath for Bitcoin to go mainstream, it might be wise to find a historical map on how we got here first because this journey is just starting.
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