Chinese state-run media is trying to quell the rush of crypto stocks after President Xi's announcement of "seizing the opportunity" offered by the blockchain.

State-backed agencies are releasing documents aimed at encouraging "rational" investment against a backdrop of speculation in retail chains and fintech companies, Reuters reported on Tuesday.

On Monday, more than 100 public fintech companies – either tied to or indirectly related to the blockchain – soared to the open markets, the sentiment around the sector having become bullish, but perhaps too much.

"The future of Blockchain is here, but we have to stay rational," the state-backed report said. Daily People newspaper late Monday night.

Echoing a statement endorsed by China's central television this weekend, the paper continues:

"The rise of blockchain technology is accompanied by that of crypto-currencies, but innovation in blockchain technology does not mean that we should speculate in virtual currencies."

Reuters also reported that the Shanghai Stock Exchange Independent Stock Exchange warned traders, "For all blockchain related matters, we ask listed companies to make statements based on facts and not to make exaggerated claims or create a vicious hype. "

Although there has been a lot of hype, the enthusiasm followed by the news of more than 500 specific business blockchain projects already on the move in China and recorded during the year. past year.

The crypto-frenzy caused by Xi was not limited to China. This morning, the Antigua-and-Barbuda-based derivatives exchange, FTX, announced the creation of an index fund consisting of eight cryptocurrency related to China.

Chinese stock image via Shutterstock

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