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Blockchain Called 'Breaking Point for China to Overtake' in Communist Party Newspaper

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  • Alex Dovbnya
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    China's Communist Party bets big on Blockchain while pouring cold water on cryptocurrency speculations

Blockchain Called 'Breaking Point for China to Overtake' in Communist Party Newspaper
Cover image via www.123rf.com

According to Dovey Wan of Primitive Ventures, The People’s Daily, the official newspaper of the Communist Party of China, published a pro-Blockchain article where it calls the technology behind Bitcoin "a breaking point" that the country has to overtake.

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This embracement of Blockchain comments comes after Chinese President Xi Jinping himself defined it as one of the country's priorities. His comments were followed by the explosion of Chinese altcoins and local stocks that are related to the bleeding-edge technology. 

However, Blockchain is very nascent, and some analysts point out that it's worth waiting for profitable applications before jumping on the hype train.

 “I’d wait to see more solid applications take place first. Those speculative bets will only fall back after the short-term hype,” Yang Delong, chief economist at Shenzhen-based First Seafront Fund Management, told the South China Morning Post.     

At the same time, the mouthpiece of the Communist Party makes will dampen the enthusiasm of those who hope that China will also show love for crypto. The article states that Blockchain is "not equal" to speculations with digital currencies, and any attempt to use it for illegal transactions, money laundering, and other nefarious activities will be severely punished.

It is worth reminding that Bitcoin has been banned in the communist state since September 2017 despite the fact that local miners control more than 70 percent of the coin's hash rate.        

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As reported by U.Today, China is currently on the verge of launching its own cryptocurrency called "DCEP," but the People's Bank of China (PBoC) keeps acting coy about its crypto coin despite working on the project from five to six years.

Bitcoin evangelist Max Keiser recently revealed that the China coin will be pegged to gold, which could put the US dollar in jeopardy.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies

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    Holding Bitcoin as a collateral is the next big use case for the top cryptocurrency

Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies
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Contents

According to cryptocurrency influencer Chris Burniske, both Bitcoin and Ethereum already represent formidable collateral economies.

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Moving beyond a medium of exchange

In his earlier tweet, Burniske also predicts that holding Bitcoin as a collateral could eclipse its medium of exchange (MoE) use case.  

He even goes as far as claiming that Bitcoin could morph into an off-chain collateral for the world. 

Burniske states that Ethereum has already created a burgeoning collateral economy around it. Apart from extending its utility beyond a pure MoE, this could also drastically decrease the coin's volatility because of all DeFi use cases.   

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The next big thing in crypto

As reported by U.Today, Genesis Capital, a subsidiary of Digital Currency Group (DCG) that rules the roost in the cryptocurrency lending sector, had a record-breaking third quarter with a whopping $870 mln in new originations. 

In Q3, Bitcoin remained the best collateral for crypto with fiat money and altcoins breathing down its neck. The share of USD loans increased by 25 percent quarter-over-quarter.

However, a group of Wall Street traders made a dire warning about crypto lending, claiming that the breakneck speed of its growth could result in another crypto bubble. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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