Bitcoin Massive Move and Role of China. Chinese First-Ever Crypto Law and Blockchain Adoption

Chinese President Xi Jinping - We must take the blockchain as an important breakthrough for independent innovation of core technologies.

For the fourth time in the history of bitcoin, we have all seen a 42% price increase and the first time since 2011. Many speculations were going around for the reason of sudden massive upward move by Bitcoin.

One of the main reason came from China, when Chinese President Xi Jinping Speaking as part of the 18th collective study of the Political Bureau of the Central Committee on Thursday in Beijing said committee members that:

“We must take the blockchain as an important breakthrough for independent innovation of core technologies”.

And one more news came from China that the Standing Committee of the 13th National People's Congress in China has passed a new law regulating cryptography on Oct. 26 that will be effecting on Jan.1, 2020 according to the report published by local news outlet CCTV. This is considered as major step by China in the felid of cryptocurrencies and blockchain. And crypto market has taken both the news very positively.

According to the report, the crypto regulatory law focus to set standards and guidelines for the application of cryptography and the management of passwords. It establishes the role of a central cryptographic agency meant to lead public cryptographic work, creating guidelines and policies for the industry. #China #Bitcoin #Crypto #Blockchain #CryptoRegulation