Like 1960s campus radicals, Bitcoin maximalists are enthusiastically praising the wisdom of a leader of Communist China. That’s because President Xi Jinping called for his country to “take the leading position in the emerging field of blockchain.”
Chinese officials and investors have been making a full court press on blockchain and cryptocurrency development ever since President Xi Jinping’s comments on October 25 that China must “take the leading position in the emerging field of blockchain.”
One of the worst kept secrets in crypto has finally to fruition: Tether is launching a stablecoin tied to the Chinese yuan.
The most promising aspects of digital assets—transactional speed and freedom, financial inclusion, and most of all anonymity—are antithetical to Chinese Communist values. And yet, in many respects, China has taken the lead on investing in this burgeoning technology.