The State Council proposes building a national blockchain network—don’t mistake infrastructure for a price signal
A State Council document explicitly calls for building a national blockchain network and lists it as one of 19 measures, but it doesn’t mention Bitcoin at all. 🔗
Some people see this as a prelude to the legalization of crypto assets, and are even betting that it will benefit every on-chain asset. They’ve got it completely wrong. The document stresses throughout that these efforts should serve the real economy, and warns officials against creating bubbles or becoming detached from the real economy. Meanwhile, crypto trading remains illegal in China.
There are two things to keep a close eye on next: first, the implementation rules to be rolled out by the Central Financial and Economic Affairs Commission and the National Development and Reform Commission; second, whether the existing state-backed system, BSN, will be incorporated. Don’t try to guess policy by staring at candlestick charts. When, late at night, the only sound in the office is the printer churning out page after page of dense regulatory documents, those vaporware projects banking on a policy windfall won’t even have enough to pay the fee to exit. ⚠️
#区块链 $BTC
A State Council document explicitly calls for building a national blockchain network and lists it as one of 19 measures, but it doesn’t mention Bitcoin at all. 🔗
Some people see this as a prelude to the legalization of crypto assets, and are even betting that it will benefit every on-chain asset. They’ve got it completely wrong. The document stresses throughout that these efforts should serve the real economy, and warns officials against creating bubbles or becoming detached from the real economy. Meanwhile, crypto trading remains illegal in China.
There are two things to keep a close eye on next: first, the implementation rules to be rolled out by the Central Financial and Economic Affairs Commission and the National Development and Reform Commission; second, whether the existing state-backed system, BSN, will be incorporated. Don’t try to guess policy by staring at candlestick charts. When, late at night, the only sound in the office is the printer churning out page after page of dense regulatory documents, those vaporware projects banking on a policy windfall won’t even have enough to pay the fee to exit. ⚠️
#区块链 $BTC