WeChat search volume about blockchain spiked by more than 1,200 percent after the President of China said the country should embrace blockchain technology to speed up the technological innovation in the country. Let’s learn more about it in the blockchain news today.
The announcements seem to have spiked the interest in the cryptocurrency and blockchain technology and especially in China since shortly after the cryptocurrencies experienced a double-digit price increase. WeChat, which is a Chinese multi-purpose app, recorded a huge surge in blockchain-related search topics on the platform and the word ‘’blockchain’’ was searched for about 800,000 times and Bitcoin to about 600,000 times. The day when the Chinese president announced to be embracing blockchain technology, there were about 9.2 million searches for the term ‘’blockchain’’ and 1.3 million for ‘’Bitcoin.’’
The increase in WeChat search volumes was followed by the introduction of the new cryptography law which will go into effect at the start of 2020. According to the state media, the new law ‘’is aimed at standardizing the application and management of passwords, promoting the development of the password business, ensuring network and information security, and improving the scientific, standardized, and legalized level of password management.”
While the previously published draft on the crypto bill didn’t mention blockchain technology, cryptography is a very important component of the technology. It is usually used to link blocks or sets of records. China seems to be very open-minded these days towards blockchain technology even though the crypto trading is still banned in the country. Back in August, the country announced that they will be launching a government-backed cryptocurrency.
In the meantime, the story that WeChat bans crypto transactions went viral after Dovey Wan, who is the founding partner of the crypto investment firm Primitive, tweeted the news on May 7. In the tweet, there was a screenshot of the policy changes which leads to the fact that all of the user profiles which engage in crypto trading will be completely terminated. According to Wan, there is a concern that most of the over-the-counter (OTC) transactions are happening in WeChat.
“This may impact local liquidity to quite some extent,” Wan admitted that WeChat bans crypto transactions.
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