NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

A Chinese Blockchain Day? October 24 Proposed as Day to Celebrate Tech Behind Bitcoin

Rick Delafont
Rick Delafont
1 year ago
2 mins read
china blockchain bitcoin

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Following China’s recent endorsement of blockchain technology, members of the nation’s Communications Industry Association have proposed a national day of celebration for the innovation. The date suggested is October 24 – the day that Chinese president Xi Jinping first announced the nation’s full embrace of the technology behind Bitcoin.

Many in the cryptocurrency community have interpreted China’s interest in blockchain technology as wildly bullish for Bitcoin and other digital currencies. However, others disagree, arguing that decentralised, anarchic systems are by default at odds with highly centralised, authoritarian governments.

Could October 24 be Forever Known as Chinese Blockchain Day?

According to a report in the South China Morning Post, China’s Communications Industry Association has declared president Xi’s recent endorsement of blockchain technology a milestone for the industry. The association stated:

“[President Xi] blew the horn of progress for the future. It is our full aspiration that we will start our businesses with the [Communist] Party, speak out for the technology, and applaud its applications.”

As such, the association is calling for October 24 to be recognised as a day for the celebration of the technology.

Last week’s news coincided with a massive upwards move in the prices of many leading digital assets. Cryptocurrency investors appear to have received the blockchain endorsement as bullish for crypto in general.

However, an editorial published yesterday in state publication People’s Daily has once again warned the public of the risks associated with speculating in cryptocurrencies. It read:

“Blockchain is still in the early stages of development, and needs to be improved in terms of safety, standards, regulation and so on. The major direction is not wrong, but we must avoid a rush.”

Elsewhere, other commentators have argued that China is highly unlikely to have Bitcoin and other decentralised digital assets in mind when considering its implementation of the technology.

🇨🇳 BREAKING!

Xi Jinping says China will put focus on blockchain development.

Remember: Key word "blockchain", not Bitcoin. Big difference. pic.twitter.com/1ngjNYMWUD

— 💥The Crypto hero💥 (@Marckselll) October 26, 2019

In fact, the blockchain endorsement could in fact be a negative for Bitcoin and other digital assets. With the nation known to be accelerating its own digital currency (DCEP) development, it may decide to come down hard upon other cryptocurrencies perceived as competition. Given that the Chinese government already exercises immense control over the internet and numerous other aspects of its citizens’ lives, it seems much more likely that the DCEP will be used to monitor the spending of its users and will be subject to the censorship of authorities.

Naturally, this is a far cry from the anarchic, liberating ideals that attracted many to Bitcoin and cryptocurrency to begin with. Ultimately, as NewsBTC reported recently, the nation’s embrace of blockchain technology could actually be damaging to the cryptocurrency industry – particularly for those projects based in China.

 

Related Reading: Bulls Jumping the Gun, Bitcoin Price Not Bullish Yet at $9,400: Analyst

Featured Image from Shutterstock.
Tweet123Share265ShareSend
Rick Delafont
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Ethereum Price at Risk of Downside Break

Is Ethereum Staging A Repeat Of 2021? Here’s Why A 200% Surge Could Follow

Ethereum saw a notable decline in its price over the last week, and the weekend culmination pulled the price back...

Scott Matherson 2 hours ago

Hormuza šauruma riski pieaug – BTC Bull Token piedāvā pastiprinātu iespēju ieguldīt Bitcoin kā droša patvēruma aktīvā, pirms-pārdošanas pēdējā nedēļa.

Pieaugošas ģeopolitiskās spriedzes Tuvo Austrumu reģionā dēļ situācija saasinās pēc tam, kad Irāna piedraudējusi bloķēt Hormuza šaurumu, reaģējot uz ASV...

lasma 3 hours ago
Bitcoin

This Bitcoin Zone Could Be Market’s Next True ‘Pivot,’ Says Glassnode

The on-chain analytics firm Glassnode has highlighted the $97,000 to $98,000 zone as an important one for Bitcoin. Here’s why....

Keshav Verma 3 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

如何使用VPN爬牆進行網上賭博 中國玩家最喜歡哪些玩法和赚取紅利!

newsbtc 25 minutes ago
Ceasefire

Israel, Iran Ceasefire Ignites Crypto Surge As Bitcoin Tops $106,000—Details

Christian Encila 44 minutes ago
Dogecoin price news

Dogecoin About To Explode? ‘Don’t Send It Too Hard,’ Analyst Warns

Jake Simmons 44 minutes ago

Premium Sponsors

Press Releases

  • Cryptocurrencies have become the best way to invest as the...

    8 hours ago
  • Global mining has no boundaries! ETHRANSACTION supports...

    11 hours ago
  • Dogecoin Mining’s New Era: How HashJ Cloud Mining Turns...

    13 hours ago
  • ico 仮想通貨注目!Solana価格急落でもSolaxy(SOLX)ico 仮想通貨プレセール残りわずか数時間

    ico...

    13 hours ago
  • Solaxy SOLX

    ...

    13 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.