High search rates for the term bitcoin on Chinese search engines
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Answer High search rates for the term bitcoin on Chinese search engines
The search for the term bitcoin and some other terms related to cryptocurrency and blockchain has increased on Chinese social media platforms.
It can be said that President Xi Jinping’s recent statement about blockchain technology and urging his citizens to start exploiting the opportunities available in this sector is a direct reason for increasing searches.
Since the Chinese president’s announcement, many blockchain-related stocks have jumped 10% on the Shenzhen and Shanghai stock exchanges, and there have been waves of enthusiasm in Hong Kong as well.
Now with the emergence of public support from the Chinese government for blockchain, increased Bitcoin searches are on the rise on Chinese social media platforms.
Read:Learn about Dogecoin, which has turned from a joke to a widespread digital currency
In both Weibo and WeChat, search numbers have tripled.
Jinping asked the Chinese people to “do their utmost to allow China to take a leading position” in the blockchain industry.
The crypto community seems to have been very responsive, and the aura that the crypto community viewed China as unfriendly towards cryptocurrencies is starting to recede.
Is China really pro-crypto?
not yet.
While the Chinese authorities love blockchain, they have not yet endorsed cryptocurrencies on a large scale.
The Chinese central bank is said to be working on a “digital yuan” that it seeks to distribute to the general public across a range of institutions.
Distributions may also include special services such as WeChat Pay and Alipay, two of the largest digital payment methods in the country.
The central bank recently required all commercial banks to buckle up and start using blockchain solutions for the digital finance sector.
While nothing is explicitly mentioned, some sources revealed that a Chinese bank has already invested in BitPie, a popular Bitcoin wallet in China.
There is no indication that the Chinese government is considering lifting the ban on cryptocurrency exchanges.
Read:US Treasury Secretary sets meeting date to discuss stablecoins
Over the past two years, the Chinese government has actively tried to crack down on all cryptocurrency trading firms and crack down on Bitcoin miners.
However, the majority of Bitcoin’s hashing power is still in China.
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