China is taking a pro-blockchain stance following news it would bring in the “crypto law” in January next year.
President Xi Jinping late last week gave a speech condoning blockchain. China, he said, would become the world’s foremost proponent of the technology and would seek to implement it throughout the economy.
According to cnLedger, major social media platforms are already censoring anti-blockchain sentiment. “Articles saying blockchain technology is a scam are now BANNED,” it stated.
It was blockchain platform Tron (TRX), formerly under intense scrutiny from Beijing, that benefited from the past week’s developments. In the past 24 hours, TRX/USD gained almost 25%.
Justin Sun, the CEO had announced a major partnership with what he called a “mega corporation” on the same day as Xi’s speech.