Despite China’s strict ban on Cryptocurrencies, recent events from the country is driving a rather bullish wave, one that is largely debated by the Cryptocurrency community as the force behind the recent upsurge in Bitcoin’s price and more recently the reason behind millions of searches for the term “Blockchain” and “Bitcoin” on China’s leading social media platform WeChat.
On October 28, the head of the technology department at the People’s Bank of China (PBoC) has urged banks to ramp up their application of blockchain for digital finance. After the appearance of Xi Jinping in the WeChat search engine, the number of conversions for the “Bitcoin” request increased approximately 2 times. Experts note that the trend is due to the requirement of the head of the PRC to popularize digital assets and blockchain, which in the future can be used by government agencies.
Primitive Ventures managing partner Dovey Wan said that blockchain-related queries have become 12 times more popular. The reason for this may be the preparation of a bill on the compulsory study of the topic of a distributed registry for all members of the Chinese Communist Party.
Many connect China's desire to develop the cryptocurrency industry with a trade war. The US, in this case, is a staunch opponent of digital assets, trying to put pressure on Libra and Gram projects.