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    China: “Innovation in Blockchain Doesn't Mean We Should Speculate in Virtual Currencies”

    Official media outlet for China's CCP, People's Daily, issues another statement regarding the latest blockchain buzz and how investors should not be speculating in digital assets as a direct correlation.

    • “Blockchain “the future is here.” — China’s state-owned media
    • Use of blockchain technology for illegal information and activities “should also be severely punished”
    • Some of the largest Internet companies have already established the layout

    China’s state-owned media, People’s Daily endorsed the “orderly” blockchain innovation but at the same time cautioned to “keep it rational.”

    As per the translated version shared by Dovey Wan, the founding partner of Primitive Partners, the article starts with a bullish tone as it writes, “blockchain “the future is here.”

    Blockchain technology is accompanied by cryptocurrency, it goes on to say, only to make it clear, that innovation in blockchain technology “is not equal to” the speculation in the digital assets.

    “It should be prevented from using blockchain to hype up aircoins and other activities,” adds the newspaper.

    China Already Has a ‘Good Foundation'

    Though the “future is here,” blockchain technology is still in the early stage of development.

    The technology needs to be further developed and improved in terms of safety, standards, and supervision. The use of blockchain to store and spread illegal information and for illegal transactions, money laundering and other activities “should also be severely punished.”

    To better promote the innovative development of technology, it advises the adoption of inclusive and prudent regulation that includes prohibiting transgression.

    Though they believed “there is no wrong direction for the development of blockchain” that is only by avoiding the rush and repeated construction.

    China, the People's Daily says already has a “good foundation” in the field of blockchain technology.

    More than 20 provinces have introduced policies to promote the nascent technology and some of the largest Internet companies have established the layout as well.

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    AnTy
    AnTy
    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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