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Cryptocurrency gained momentum since beginning of 2020 with 100% increase in market capitalization.

  In late 2019, President Xi Jin Ping of China endorses blockchain technology as one of the country's research and development advanceme...

 

In late 2019, President Xi Jin Ping of China endorses blockchain technology as one of the country's research and development advancement area for the country but has also condemned any cryptocurrency related issues not endorsed specifically by the Chinese government. The U.S. Securities and Exchange Comission also stepped in to intervened, reversing many ICOs including the settlement with TON, a  cryptocurrency in the making by Telegram. However, the cryptocurrency market has always find a way to survive and adjust to the geo-political legislative climate. 

Last year alone in 2019, a reported US$50 billion was transferred away in China to other parts of the world as reported on CNBC website. With the on-going trade war between USA and China, many have turned to cryptocurrency as a means of moving money without government intervention with some in violation to the regulations set by their respective countries.

With President Xi of China still in the phases of developing their country's own digital currency, it will be interesting to see how it all plays out in the economic and monetary landscape of China when the new cryptocurrency of China is minted.

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