State-backed blockchain lessons will now be offered in China as the country continues the romance with blockchain technology. As we reported previously in the blockchain latest news today, China started embracing the blockchain technology and plans to invest further.
The crypto markets are still into the diversification trend where most of the altcoins are reaching moderate increases with a few strong outliers. Bitcoin has increased by more than $200 dollars in a sudden move and it is still on its path to establishing a descending triangle pattern on the lower time frames.
BNB has managed to correct itself with a 4 percent performance on the day and this is mainly because of the release of fiat trading with the Russian Ruble. Huobi Token and Cosmos increased by more than 5 percent while TRON and IOTA are both down by 2 percent.
A week has passed since the speech by the president of China Xi Jinping who said the country should embrace blockchain technology. The comments were interpreted as major catalysts of the bullish phase and now China has started offering state-backed blockchain lessons for the citizens in order for them to be more educated on the matter.
China’s most popular state-sponsored app has now started offering state-backed blockchain courses to teach the people more about Ethereum and Bitcoin which could eventually provide a short-term push for the cryptocurrencies. China’s relationship with blockchain has been a very important driver on the market but is still inconsistent as we can see. Nobody has even mentioned lifting the ban of ICOs that was imposed in 2017 and China seems to be actively pursuing the road of the state-backed digital currency.
It’s very interesting that the president of China, never actually mentioned Bitcoin or any other cryptocurrency and he mostly focused on the integration of blockchain in other industries. The co-founder of KR1 George McDonaugh warned that the intentions of the country are not so pure after all:
“I strongly suspect, DCEP [China’s coin] will be the exact opposite of every feature of Bitcoin. It won’t be public, transparent, permissionless, global or censorship-resistant. When put in context alongside China’s upcoming social credit system, (…) it’s beginning to look like this ‘cryptocurrency’ could be the final chapter in bringing about near-total state-led control of the world’s most populated country.’’
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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