China’s President Xi ‘Credentialized’ Cryptocurrency, Says Novogratz
Helen Partz's original article for cointelegraph.com reduced by 43%
China's President Xi Jinping gave credibility to blockchain and crypto by calling the country to accelerate blockchain adoption, said Galaxy Digital CEO Mike Novogratz. The cryptocurrency investor delivered his remarks speaking at the Reuters Global Investment Outlook 2020 Summit in New York on Nov. 5.Xi "Just credentialized crypto and blockchain".
By urging China to embrace blockchain technology for the sake of the country, Xi "Just credentialized crypto and blockchain," Novogratz stated. On Oct. 24, Xi expressed his positive stance on blockchain technology at the Politburo Committee session on blockchain technology trends.
China's U-turn comes months after the National Development and Reform Commission of China revealed its plan to eliminate crypto mining in the country. While cryptocurrency trading is still formally banned in China, the Standing Committee of the 13th National People's Congress in China passed a new "Crypto law" on Oct. 26 that will take effect on Jan.
1, 2020. In late October, an exec at the Chinese economics think tank, China Center for International Economic Exchanges, predicted that China's central bank will be the first to launch a digital currency successfully.
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