The Chinese BTC FOMO appears to be rising in the country as the major banks started investing in a local wallet platform dubbed BitPie. This makes up for major crypto and blockchain-related development from China as the country is slowly approaching to get to government-approved adoption as we reported previously in the Bitcoin news.
The co-founder of Primitive Ventures Dovey Wan tweeted on Monday (October 28, 2019) that China Merchants Bank has already invested in BitPie which is a non-custodial bitcoin wallet service. according to Wan, BitPie is the longest-serving bitcoin wallet platform in China and has the most users. The investment in this wallet comes only after a couple of months had its bank shares drop to 13.7 percent amid the ongoing investigation in the US involvement with North Korean state actors.
For Wan, this move is a part of a growing trend of blockchain and crypto nationalization in China. The Primitive Ventures chief explained:
‘’All I can say is this to me it’s a sign of [the] beginning of the nationalization of Bitcoin/Cryptocurrency related infra in mainland [China]. Eventually, all things can be state-owned, or at least partially (mining, ASIC, exchanges, wallets, etc).’’
Despite the 2017 ban on cryptocurrency trading and initial coin offerings, the p2p trading is now allowed in China. There are even some reports that major exchanges run bitcoin over-the-counter desks via marketplaces on well-known Chinese payment services such as Alipay and WeChat Pay. If Wan’s words turn out to be accurate, then there could be a wave of institutional involvement in Bitcoin and crypto overall. This development can provide a huge boost to the already growing retail crypto interest in the country.
In the upcoming year, the cryptography law will come into effect and according to the reports, this new law will provide a robust regulatory framework for crypto and blockchain technology and will make China more competitive in the emerging digital landscape. Until then, the Chinese BTC FOMO is strong and is increasing. Recently, the president Xi Jinping mentioned that the country should embrace blockchain technology and ever since, there has been a surge in interest in crypto.
The search trends from search engines such as Baidu show a strong uptick in bitcoin and crypto interest. The Chinese altcoins like ONT and NEO are boosting with the positive wave and have a lot of enthusiasm as well.
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