China, China, China – that is the sum of news this week. China has changed its rhetoric about blockchain and cryptocurrencies and has now become a blockchain evangelist of sorts. This is great news for the space but should be a concern for the US which is caught up in its own bureaucratic cycle with little to no guidance for companies looking to forge forward in the space.
China bans anti-blockchain sentiment
A ban worth cheering we suppose. China has banned anti-blockchain rhetoric in the wake of its plans to launch National Digital Currency. An article in Independent refers to the Twitter handle, cnLedger, that tracks sentiment in China for blockchain and cryptocurrencies. The tweet also noted that “China’s most popular app, Xuexi Qiangguo (study for becoming powerful nation) now has a recommended course focusing entirely on blockchain, which contains Bitcoin & Ethereum lessons. The app released by CPC to help ppl learn about its political doctrines like Xi’s thoughts.”
Bakkt to offer cash settled futures
A war of sorts is underway between Bakkt and CME. CME is set to launch its Options on Bitcoin Futures on Jan 13, 2020 and Bakkt announced its launch for December 9, 2019. Now, Bakkt has upped the game by proposing Cash settled futures. “The new contract is based on customer feedback and is designed to hedge or gain bitcoin exposure, generate income, and offer cost and capital efficiencies,” read the Medium announcement.
Bitcoin Suisse and Worldline to offer crypto payments options at 85000 stores
Bitcoin Suisse has announced that it has entered into an intent of partnership with Worldline to bring crypto payments to the customers across 85000 stores that accept payments using Worldline services. “Our partnership with Worldline is a major step forward on the journey to bring crypto payments into broader adoption. Bitcoin Suisse is proud to serve as the processor of cryptocurrencies in Worldline’s payment service system. We applaud them for their pioneering spirit in taking this monumental step and pointing the way forward for others,” said Dr. Arthur Vayloyan, CEO of Bitcoin Suisse.
China to spend over $2 Billion on Blockchain Technology by 2023
According to the news, China’s spending on Blockchain Technology is expected to surpass $2 Billion by 2023. “The country’s expenditures on blockchain technology will see a compound annual growth rate of 65.7% from 2018 to 2023,” according to the global market intelligence firm IDC. This is in line with the recent u-turn from China on blockchain and cryptocurrencies. The crackdown on media channels promoting blockchain and cryptocurrency has now turned into a crackdown on media sites that talk ill of blockchain and cryptocurrency.
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