China warns against crypto speculation following bitcoin’s price rally

China warns against crypto speculation following bitcoin's price rally.

Image source: Shutterstock

Christian Ploog

Following the recent blockchain and crypto hype, China now urges calm among investors.

After China’s President Xi Jinping announced last week that the country intends to “seize the opportunity” with blockchain technology, as well as the adoption of a new “crypto law” in the country, the bitcoin price rallied by almost 40 percent.

But China’s support for blockchains should not be interpreted as support for cryptocurrencies. This is something that the state newspaper People’s Daily now writes. The newspaper is under the direct control of the Communist Party of China, Reuters reports.

The newspaper also urges calm among investors.

“Blockchain’s future is here but we must remain rational. The rise of blockchain technology was accompanied by that of cryptocurrencies, but innovation in blockchain technology does not mean we should speculate in virtual currencies”, People’s Daily writes, according to Reuters.

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