China is taking an abrupt crypto U-turn that is surprising everyone
in the crypto community. A country that only a few months ago had a lot of anti-crypto
sentiment is increasingly becoming more open to the technology.
According to Twitter-based crypto news resource cnledger, Chinese officials are now deleting posts that claim that the technology is a scam. The same news source also reported that major social media platforms in the country are already censoring anti-Blockchain sentiment. This basically means that crypto sentiment in China is completely turning on its head because in the past, Chinese social media platforms sought to ban pro-blockchain sentiment.
This strange turn of events probably has to do with
President Xi Jinping’s pro-crypto speech last week. The Chinese
president caused a stir last week after saying that China would become the
world’s foremost proponent of the technology and would seek to implement it
through the economy.
The Tron (TRX) platform has benefited the most from these events
of the past week. The TRX/USD has gained by 25 percent around about the time
that the firm’s CEO is set to announce a new major partnership. The firm’s CEO Justin
Sun promised a “mega corporation” on the say day as the Chinese president’s
speech, which only contributed more to the raging crypto chatter.
It didn’t end there with pro-crypto Chinese news. Cnledger
also added that china’s most downloaded app Xuexi Qiangguo, will feature
educational content on Bitcoin (BTC) and Ether (ETH). While the exact nature of
the content is unclear, it forms part of a recommended course known as “Focusing
entirely on blockchain. CPS News, a media service run by xi’s communist party
of china has also released a tool helping party members familiarize themselves
with the technology.
The move by china has led to a lot of speculation as to its motivation. While the US president Donald Trump stays cynical when it comes to crypto, his Chinese counterpart has adopted a very liberal approach. Given the trade and supremacy wars the two have been engaged in recently, China’s move looks like a way to get one-up over the U.S. President Xi’s speech has led to many commentators saying that China had officially taken a leading position in crypto and stands to gain great industrial advantages.