The Chinese government announced last Thursday that it will be ramping up efforts to promote the research and development (R&D) of blockchain technology and make it a core focus for innovative endeavors in the future.
Chinese president Xi Jinping said Beijing will increase investment in blockchain technology. An official with China’s central bank also said blockchain technology can help with commercial banks’ risk control and ease borrowing difficulties for smaller businesses.
Following Xi’s conclusive remarks, most of the Chinese based cryptocurrencies had a massive price spike such as TomoChain that gained 27% , WaltonChain gained 24%, Tron 18% and Qtum 12% in the last 24 hours.
Due to the potential economic and social benefits that China could see through the adoption of blockchain, most likey USA and Europe will follow .
