China: Blockchain must be legitimate
Chinese officials and president Xi Jinping caused a stir late last week after the latter gave a speech condoning blockchain. China, he said, would become the world’s foremost proponent of the technology and would seek to implement it throughout the economy.
According to cnLedger, in line with previous reactions to official policy, major social media platforms are already censoring anti-blockchain sentiment.
“Articles saying blockchain technology is a scam are now BANNED,” it stated.
The move is somewhat ironic, cnLedger noting that in the past, it was content related to blockchain and cryptocurrency which administrators would seek to remove.
Similarly, it was blockchain platform Tron (TRX), formerly under intense scrutiny from Beijing, which benefited from the past week’s developments. In the past 24 hours alone, TRX/USD has gained almost 25%.
CEO Justin Sun had announced a major, as yet unknown, partnership with what he called a “mega corporation” on the same day as Xi’s speech.
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While the exact nature of its content remains unclear, it forms part of a recommended course “focusing entirely on blockchain.”
CPS News, a media service run by Xi’s Communist Party of China, has also released a tool helping party members familiarize themselves with the technology.
As Cointelegraph reported, China recently unveiled various use cases for blockchain, including cross-border finance.