New 2020 Crypto Law in China Helps Spur Tron (TRX) Coin Price up Over 20%
With the recent news of China wanting to take the ‘leading position' for distributed ledger technology (DLT), the country is trying to shift reader perspectives. It seems that China wants its censors to remove all articles that claim that blockchain technology is a scam. According to popular Twitter account @cnLedger, people are no longer allowed to say that the blockchain is a scam in the country.
3/ Articles saying blockchain technology is a scam are now BANNED.
Who still remember the days when posts promoting blockchain getting deleted real fast? pic.twitter.com/W5iRJ3PDYS
— cnLedger (@cnLedger) October 28, 2019
China has always been hostile towards cryptocurrencies, but this is the first time that the country has indeed taken a proactive stance of pro-blockchain (which was generally seen in a much more favorable light, anyway).
The decision is ironic at least since the country removed several articles about cryptocurrencies and blockchain technology in the past. Now, China did a U-turn on the subject, which is certainly going to have some impact.
At the moment, however, it is not clear how this will affect cryptocurrencies and their market, but it seems that some Chinese tokens were influenced after the announcement, or at least their prices were.
Chinese Decision Affects The Price of Tron
After the announcement, Tron surged back into the Top 10 tokens in the crypto market according to CoinMarketCap. The price of the asset surged close to 29%, which made Tron CEO Justin Sun post on Twitter that the token had regained its place among the most valuable cryptocurrencies in the world.
Recently, Sun also said that Tron would start a partnership with a “megacorporation”, so the price could see another boost. Assuming this is a real announcement and not another ‘fake' tweet about a partnership that ends up being Tron using a product with a company.
Tron was not the only token to go up in price after the announcement made by the Chinese President Xi Jiping, NEO, another local token, also skyrocketed in price. The token went up as much as 45% after the president's announcement.