Xi to Endore Blockchain As 'Breakthrough' in Economy

Chinese leader Xi Jinping publicly supported the blockchain technology for the first time

30 May 2018 442

Chairman of the People's Republic of China Xi Jinping on Monday delivered a speech in which he acknowledged that the blockchain has potential, for the first time publicly supported the developing technology. This is reported by CoinDesk.

Speaking at the annual scientific conference organized by the Chinese Academy of Sciences, Xi said that the blockchain is a critical part of the technological revolution of the 21st century, and China should use it to make progress in the economy.

Ever since the start of the 21st century, a new generation of industrial revolution is substantially reshaping the global economic structure ... with artificial intelligence, internet of things and blockchain constantly making application breakthroughs.

Xi Jinping

President, People's Republic of China

Xi also said that China, in order to succeed in a global economic competition, should establish national laboratories that will comply with high standards and encourage research and development of technological infrastructure.

The head of China did not go into the details of how the blockchain should be used, but shortly before his speech, the State Council of the People's Republic of China ordered the free trade zone in Guangdong to accelerate the development and use of blockchain - among other things, in financial technology.

Bitcoin Blockchain

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted

21 September 2018 158

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.