National Blockchain Innovation Center Launched in China
Last Updated on 6 November 2023 by CryptoTips.eu
The Chinese government has officially launched a branch focusing on the industrial applications of blockchain and other significant cases. The National Blockchain Innovation Center will primarily check on applications related to the Chinese economy.
This news comes after looming fears in the crypto world about regulation clarity which has been a crucial issue on US soil. The SEC has turned to regulation by enforcement without really giving clear lines as to what the rules are. Case and point, the SEC has been in a two-year battle with Ripple over the sale of ‘unregistered securities,’ which seems to be hot air with a lack of basis.
On the other hand, China has been ahead of the regulatory curve, giving crypto investors a conducive environment to flourish in their backyards. This new center will be based in Beijing and will be led by BABEC (Beijing Academy of Blockchain and Edge Computing). Despite the anti-crypto stance and the ongoing crackdown by several countries on crypto-based companies, China has been supportive of this technology and its applications.
So what does this mean for the whole crypto world? This new development is positive news for crypto and another step toward embracing cryptocurrencies globally. There’s bound to be some bullish trend this week, but most analysts fear that the bullish move will be impacted by the negative press that’s happening worldwide, thanks to the crackdown on Kraken by the SEC.
The exchange was forced to shut down its staking feature in the US and told to pay a whopping $30M fine. Bearish analysts warn that this year’s bullish run could’ve been a bull trap, which is the start of the next bear market in the crypto market. All in all, secure your profits and do your due diligence before investing in the crypto world.
