According to the Xinhua News Agency, the Political Bureau of the Central Committee of the Chinese Communist Party (CPC) completed the "18th collective study" on blockchain technology on the afternoon of October 24, in which Chinese President Xi Jinping Binh - who also holds the position of General Secretary of CPC Central Committee - made a remarkable speech about this technology.
"We need to see blockchain as a breakthrough in the independent creation of core technologies" - Xi emphasized - "We need to clarify the main direction, increase the amount of investment, focus on a number of core technologies and accelerate the development of blockchain technology and industrial innovation. "
On October 26, Bitcoin price once reached $ 10,000, an increase of nearly 40% in just 24 hours. This sudden jump started late at night on October 25, when Bitcoin was still hovering around $ 7,500 and had a selloff .
Speaking of Mr. Xi Jinping focus on technology blockchain, not money decentralized encryption as Bitcoin . China has banned cash transactions encrypted from 2017, but that his comments New episode showed that this country for the first time publicly supported blockchain technology.
Xi’s speech also revealed to investors that China could soon have an expanded consumer mechanism for cryptocurrencies, but other analysis suggested that Bitcoin would be hard to survive. in China as in an open market.
Mu Changchun, deputy director of payment at the China Central Bank (PBOC) at the Chinese financial forum held in August this year, said they were "about to" issue their own cryptocurrency. The bank is also believed to have begun research on the technology last year.
Xi’s speech comes at a time when Bitcoin is having a bad week, largely due to a congressional hearing by Facebook boss Mark Zuckerberg , who also harbors ambitions to develop the cryptocurrency. Libra name .
In a testimony before the House Financial Services Committee, Senator Carolyn Maloney expressed concern about criminals using Libra to hide their identities and engage in underground financial activities. . Zuckerberg tried to assure the congressman that Facbook would try to increase its guarantee for the technology.
"Yes Senator, I promise that Facebook will do what you are saying. Our virtual wallets will require strong identification rules," Zuckerberg said.
However, Democrats on this committee were largely dissatisfied with Facebook’s promise. Experts believe that the commitments that Zuckerberg made during this hearing lacked real motivation, thus affecting many cryptocurrencies, leading to a sell-off of Bitcoin.
