The blockchain endorsement from Chinese President Xi Jinping prompted a surge in the price of bitcoin. Photo: Reuters
Economy /  China Economy

Blockchain endorsement from China’s Xi Jinping could lead to fraud and speculation, technology analysts warn

  • The endorsement from China’s leader prompted a surge in the price of bitcoin, while development companies and institutions celebrated the blessing for the industry
  • Analysts, though, are wary that it could lead local officials, tech start-ups and cryptocurrency investors to misuse and distort the technology for their own gains
Topic |   Blockchain
SCMP
Frank Tang in Beijing and Jun Mai

Updated: 4:53pm, 4 Nov, 2019

TOP PICKS

The blockchain endorsement from Chinese President Xi Jinping prompted a surge in the price of bitcoin. Photo: Reuters
READ FULL ARTICLE
Frank Tang

Frank Tang

Frank Tang joined the SCMP in 2016 after a decade of China economy coverage and government policy analysis.

Jun Mai

Jun Mai

Jun Mai is an award-winning journalist covering China's political and social news. He writes about China's elite politics, general policies and social activism. He is currently based in Beijing.