China warns against cryptocurrency speculation amid hype around blockchain

China should implement blockchain technology, and not “speculate” on cryptocurrencies, such as bitcoin, People’s Daily state-run media said.

As reported
Reuters, citing the local People’s Daily news outlet, Beijing’s previously announced blockchain support should not be taken as support for cryptocurrencies. People’s Daily is under the direct control of the ruling Chinese Communist Party.

“The future, including the blockchain, is already here, but we must remain rational,” the publication says. “The growth of the blockchain was accompanied by the development of cryptocurrencies, but technological innovations do not mean that we should speculate on virtual currencies.”

A veiled warning sounded a few days after during his speech
Chairman of the People’s Republic of China Xi Jinping called blockchain technology “fundamental in the process of a major breakthrough in the economy” and called for accelerating the introduction of technology in China. Soon after the chairman’s speech, interest in blockchain and cryptocurrencies in the country increased sharply.

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Recall also that his statement was made almost simultaneously with the statement
The first cryptography law in the country’s history regulating various aspects of the use of the blockchain, which will enter into force in January.


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