Chinese state media warns that blockchain push is not a green light for speculation on cryptocurrencies

  • Blockchain became a hot topic for debate after Chinese president Xi Jinping appealed for greater urgency in its development

Tracy Quin Shanghai
Representation of the Bitcoin virtual currency seen on a PC motherboard in this illustration picture. Photo: Reuters

Chinese state media People’s Daily has published a commentary stressing that while blockchain can help provide the breakthroughs needed to overtake competitors it should not be compared to cryptocurrencies, which China banned in 2017.

The commentary, which comes a week after Chinese President Xi Jinping called for more research and investment into blockchain, emphasised that the opportunity brought about by blockchain did not mean people could speculate in cryptocurrencies.
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