China has never been fond of Bitcoin. Not much has changed now but a statement from Xi Jinping could trigger change. The Chinese leader recently stated that, China should harvest the advantages of blockchain technology.
While this was not an earth shaking statement, the man behind the statement elevated it to the level of something that would attract debate and high interest. Bitcoin commentators claimed that it was this statement that, put life into BTC – they attributed the price rise of Bitcoin to the Chinese leader’s statement.
Linking Xi Lingping’s statement about blockchain to Bitcoin, has some interesting implications. Nothing in what Xi said hinted at a softening of China’s stand on Bitcoin. Crypto supporters highlighted the fact that, Bitcoin is based on blockchain technology. What we might add here is that, all cryptos owe their existence to the same blockchain technology.
Stock traders stretched the meaning of the Chinese leader’s statement even further, they claimed that it proved that Xi Jingping was pro tech. Bloomberg reported that this led to a rise in tech stock prices.
Close on the heels of Xi Jingpeng’s statement came the news about, China releasing its first set of crypto regulations. Glitzkoin Adivsor and Russian business strategist, had this to say about the Chinese move, ‘… this is a welcome move, it would help clarify China’s stand on cryptos. Confusion, apprehension and enormous guess work would be laid to rest. But remember that, the Chinese are also talking about launching their own state sponsored crypto’.
While it is true that China is poised to release its own crypto, Glitzkoin experts believe that this is something that will draw interest within China. Glitzkoin business development manager Lila Ruzaini, feels that the Chinese crypto will operate under a set of strict rules and regulations. The Glitzkoin expert mentioned that, ‘… the Chinese will certainly keep a strict reign over their crypto. Identity of people trading the crypto will undoubtedly be closely monitored. It remains to be seen if the outside world shows interest in the crypto from China’.
No matter what front the Chinese authorities put up for their change in attitude towards crypto and blockchain, it is obvious that they realize that cryptos are here to stay.
GLITZKOIN: The project includes the multifaceted GTN token that currently trades actively on 3 crypto exchanges (Cointiger, Stellarport and Dobitrade). Glitzkoin makes a direct connect to the multibillion dollar diamond industry. The project is promoted by second generation diamond veteran Navneet Goenka, it aims to improve productivity and market scope for the glittering industry. A comprehensive diamond trading platform (DiaEx) is part of the project, it supports both B2B and B2C trade in diamonds. As mentioned above GTN is traded by crypto traders on three exchanges, it is also designated as the mode of payment on DiaEx.