REGULATION

China embraces blockchain technology and begins regulating anti-blockchain speech.

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China embraces blockchain technology and begins regulating anti-blockchain speech.

After Xi Jinping expressed a positive view on blockchain, China is quickly embracing blockchain technology as mainstream and is set to pass the "Crypto Law" in January next year.

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Recently, Xi Jinping expressed his views on blockchain, claiming that China will become a major supporter of global blockchain technology and will integrate it throughout the entire economic development process.

China: Blockchain Must Be Legal and Compliant

On October 28, the cryptocurrency media platform based on Twitter, cnLedger, pointed out that Chinese officials have now shifted their support towards blockchain technology, while officials are deleting previous comments that labeled blockchain as a scam.

According to cnLedger, in line with the previous reactions to official policies, major social media platforms are now reviewing anti-blockchain sentiments. cnLedger noted:

This move is somewhat ironic, as platform administrators have always tried to delete content related to blockchain and cryptocurrencies in the past.

In addition, Tron (TRX) had previously faced strict scrutiny from Beijing, but thanks to Xi Jinping's statement last week, Tron has surged nearly 25% in the past 24 hours.

According to the data platform Coinmarketcap, this surge has also propelled Tron back into the top ten cryptocurrencies by market value, currently ranked tenth.

On the day of Xi Jinping's statement, Tron's CEO, Justin Sun, announced on Twitter that a partnership with a "large company" will be established in the near future. The tweet stated:

Tron will collaborate with a large institution worth billions of dollars, benefiting not only Tron's native token TRX, but also tokens created on Tron and decentralized applications, all of which will gain widespread adoption from billions of users.

Over 100 Million Downloads for Blockchain Education App Promotion

Reports indicate that besides the change in stance, China is also set to heavily promote blockchain education. The app "Xuexi Qiangguo," the most downloaded app in China on the Apple App Store, will increase blockchain education content related to Bitcoin and Ethereum.

In fact, there have been signs indicating China's shift in stance towards blockchain technology. According to ABM reports, in July of this year, Chinese banks explained the history of Bitcoin on their official website and expressed their belief in the continuous rise in the value of Bitcoin, sparking much discussion.

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