State newspaper: “We must remain rational”
As Reuters reported on Oct. 29 quoting local news outlet the People’s Daily, Beijing’s previously-announced support for blockchain should not be read as support for crypto.
The People’s Daily is a publication under the direct control of the ruling political power, the Communist Party of China.
“Blockchain’s future is here but we must remain rational,” it wrote. The publication continued:
Bitcoin still higher after blockchain remarks
Many suggested the events triggered a major surge in the Bitcoin price, which on Friday expanded from $7,400 to local highs around $10,500.
Cryptocurrency trading is wholly banned in China, however, with Xi not mentioning anything which could suggest a change in policy.
Nonetheless, the mood around Bitcoin still remains buoyant, with the weekend’s gains enduring to see BTC/USD still up 28%.