On 27 December 2019, China issued a stiff warning about the increase in currency trading activities in the country. The announcement made through a joint meeting among Beijing Local Financial Supervision Bureau, the People’s Bank of China Business management department, the Beijing Banking and Insurance Regulatory Bureau, who had noticed that the increase of activities that cause the promotion of blockchain technology.
On October 25th, 2019, China president Xi Jinping issued a report for Chinese companies to stop the opportunity offered by blockchain technology. The market reacted with an increase in the price of bitcoin and growth in online searches on WeChat. The words that came from Chinese leaders were not new as in the past, and he called blockchain as ten times the importance of the discovery internet.
It is complicated to support blockchain technology, and on the other hand, you discourage the use of cryptocurrency more so when the public has a platform such as Bitcoin or Ethereum. These two platforms are used in China and have a native token of cryptocurrency is used as an essential part of blockchain or distributed ledger technology. China has released Central Bank Digital Currency and has a mission for maintaining it, so it does not want any other platform for digital currency. Cryptocurrency has traded the same way China has controlled the spread and use of the internet, the policy coming trading platform makes ow hard on cryptocurrency platform sense.
The majority of citizens in the U.S of America have noticed the effort should be invested in cryptocurrency and not on blockchain technology. Although the cryptocurrency and blockchain technology is not stable, they appear to swing like a pendulum. When bitcoin increases, it is all about cryptocurrency, and the emphasis on blockchain reduces. When Bitcoin reduces, the entire industry and developers quickly notice this, and their focus goes to the real gem of all technology. This is a technology that will transform the way people, process, and companies operate.
An article that was published recently on Forbes explained that China’s approach to Blockchain technology was winning, and the United States should give a keen focus. This article has made the U.S concentrate more on the findings, more as the discoveries of project Libra the made congress to put a keen eye on cryptocurrency and blockchain concurrently.
Due to the increase in several skillful congress members on dome changes in the market, cryptocurrency and blockchain technology seems to be just words that are conflating rapidly. Thus, U.S has a higher risk of stopping cryptocurrency compared to China.