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

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

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