Do you need more confirmation of the imminent crypto revolution? How about China and UAE opening doors for blockchain implementation and the regulation of cryptocurrencies?
It shouldn’t be taken lightly. The two are economic powerhouses and have a profound effect on world economy. Their decision could spell a new dawn for the cryptocurrency markets, especially as we head towards the next halving in May 2020.
Bitcoin Breaks $10,000 Before Slipping
Some analysts have commented that the China and UAE news could have positively contributed to Bitcoin’s price, briefly breaking the $10,000 barrier. It is no coincidence that China’s President Xi Jinping had just announced imminent state-backed crypto and blockchain-friendly laws.
The news led to an immediate pickup of searches for bitcoin on Chinese media. As Dovey Wan, co-founder of primitive crypto, says, just 12 hours of Xi’s announcement, blockchain made headlines on the people’s daily of china’s newspaper, and some top universities started offering blockchain courses overnight. Expect to see more blockchain initiatives from the local municipal soon.
China’s New Date For Crypto Law
The news from China started the weekend on a high. On January 1st, 2020, the new cryptography law will come into action in China. The law focuses on the regulatory and legal challenges for commercial implementation of digital assets. A new draft has already been proposed stating the need for clear guidelines in evaluating cryptography technologies in all related fields.
President Xi Jinping had called on China to seize the opportunity and adopt the technology. The new cryptography law hopes to help organizations within the country delve furthermore in terms of research and development into crypto and blockchain.
The blockchain journey for China has officially begun, and they have a long way ahead. Although they join us midway, it will be interesting, noting how china adopts and creates more use cases for space. China has, in the past experienced some love-hate relationship with crypto, but now that legislation is coming through, it’s only a matter of time before they once again become a leading crypto nation.
But it’s not china alone that has made a positive move in regards to blockchain. The United Arab Emirates follows suit with similar legislation. UAE’s Securities and Commodities Authority has begun a pursuit for legislation of cryptocurrencies and to seek more clarity on the legality of digital assets. The tides are changing for the Middle Eastern nation, and this could mean everything for cryptocurrencies in the Middle East.
The UAE has, for a long time, been open-minded to the emerging technologies regarding blockchain as compared to its surrounding nations. However, the move is a first major development indicating serious intentions in regards to the same.
This is, of course, fantastic news for blockchain and crypto. The crypto-revolution is here. Watch this space.