China, Blockchain and the Bitcoin course: A team of three, which makes for excitement. The red dragon awakens? To Blockchain, everything-aspirations from the middle Kingdom.
By Phillip Horch
28. October 2019BTC$9.313,61 -0.51%part Facebook Twitter LinkedIn xing mail
in The context of reports from China and the movements in the Bitcoin price has the crypto Community as before. Recall, for example, the autumn of 2017: China had banned Trading platforms and Initial Coin Offerings (ICO) and, in General, against the crypto-Economy in favour of it. Then there was a sharp fall in the Bitcoin rate. Currently it seems to be going in the other direction.
As we reported, the Bitcoin price rally on may 25. October with positive Comments by the Chinese President Xi Jinping about the Blockchain technology. According to a report from the Chinese news Agency Xinhua, the Secretary-General of the Communist party stressed that the application of the Blockchain technology plays an important role for the Chinese industry. Accordingly, it is now up to China to invest more in the technology. Of crypto-currencies and the Bitcoin rate here was the speech. However, the rate rose after the publication of strong.
The Blockchain-perspectives of China,
Xi Jinping stressed that they wanted to strengthen the basis of research, to back up China in a leading position in the Blockchain technology. So it is necessary to have a “Blockchain-industry ecology to accelerate the comprehensive Integration of the block of the grove- […] and information technologies such as Artificial intelligence, Big Data and the Internet of things […].” Among other things, the “promotion of the exchange of data […] and the optimization of business processes is here […]” interesting.
reference is made Here mainly on the trade war in China and the USA, which is traded as a possible driver for the Bitcoin price. After about a U.S. President Donald Trump on 1. August had charged a ten percent penalty tariff on Chinese Goods, had risen the price of Bitcoin in the following days to over 11,000 US dollars. The Yuan, the Chinese national currency, was the same time so weak as in the last ten years. The competition between the United States and the middle Kingdom is also sure to play in the current Blockchain-attack by the Chinese government a role. The battle for the leadership position in the area of the (Blockchain)technology is in two States at the top of the economic Agenda.
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Apart from the economic aspect, the Chinese Communist party is likely to be interested in, however, the transparency of the technology that keeps Bitcoin Running. Transactions – be it payment, Goods, or messages flows can be optimally with your monitor. So, the government is planning in China, among other things, a digital Central Bank money on a Blockchain-based. When it comes to digital Yuan it is not, however, as in the case of Bitcoin, a decentralized currency system without a governing Institution. Rather, the monetary policy remains in the hands of the Central Bank, it will be a private “Blockchain”.
The concatenation of Surveillance and technology
However, recent increases in the Bitcoin exchange rate with an increased interest of China to the Blockchain technology. How the national Cyberspace information office in China on may 18. October, announced, registered since March 2019, a total of 309 Chinese companies using Blockchain-plans. Thus, the authority recorded a total of 506 Blockchain projects, add to that information by March 2019. The projects state to count its own or close to companies such as the Beijing Financial Assets Exchange, or the Cloud Solution, and KI-provider AibE. Add to that banks such as Commercial Bank of China, Ping an Bank and Union Pay, the Chinese Equivalent of Visa and MasterCard.
With Baidu, Alibaba and Tencent have joined the list of Chinese Blockchain-companies finally, important technology companies. In short: The industry in China relies on the Blockchain technology. However, this close interweaving of technology and government in China, observers not only since the latest Blockchain-patents and the price of Bitcoin rally a headache. The concatenation of Blockchain-monitoring options, the watchful eye of the state and a sprawling technological network could have consequences that go far beyond the Chinese state boundaries.
Bitcoin price and news out of China
On the 26. In October there was a further message from China, which coincided with a rise in the Bitcoin price. As Xinhua reported elsewhere that on 1. January 2020 is a law for the regulation of cryptography in force. The first priority will be the standardization of passwords, to “ensure that the network and information security, and improve the scientific, standardized and legalized the level of password management.” Shortly after had pronounced Xi Jinping to strengthen the Blockchain technology in the country, provided the government a draft law, which went in a similar direction. And the price of Bitcoin rose.
How to Bitcoin rate, China and Blockchain contexts?
the message that the purchasing power parity, as measured by the largest economy in the world is interested in the Blockchain technology, waves is. Also that there is an impact on the Bitcoin price, is hard to dismiss them out of Hand. Although we should not here assume that China will suddenly become a port for decentralized financial technologies without institutional management. However, crypto-currencies like Bitcoin are still closely linked with the Blockchain technology.
Currently, the Trade with Bitcoin in the middle Kingdom is still banned. If it should come here to make concessions to the Chinese government, opens up a potentially huge market, and thus more ways for the Bitcoin price. Whether the government in China open, however, one may doubt-of-date.
Bitcoin price is currently
To the editorial deadline, the price of Bitcoin is trading at just under 9.300 dollars. He recorded a price increase of one percent in the last 24 hours. In the 7-day Chart, the price of the largest crypto-currency is delighted to market capitalization exhe is a growth of 13 percent. The total market capitalisation is, however, in a 168,27 billion dollars in a 24-hour trade volume of 45 billion US dollars. To our course pages here.
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