As China began expressing its bullish view on the crypto-blockchain industry, the country’s internet users suddenly began searching about various terms related to Blockchain technology. Interestingly, the positive crypto news in China has also influenced country’s bank which in return invested in a bitcoin wallet.
Dovey Wan who was the first person to reveal about China’s announcement of “Cryptographic law” unveiled yet another exciting news on October 28, 2019. She is the Primitive Ventures founding partner and a crypto influencer known for her insights into the Chinese crypto industry. Without sourcing anything, she took to Twitter and wrote: “China Merchant Bank just announced an investment in BiPie”. As per the report, Bitpie is a cryptocurrency wallet application and according to Wan, it is the longest-serving bitcoin wallet platform in China, holding the most Chinese users.
The news revealed following the official announcement of cryptographic law by the Standing Committee of the 13th National People’s Congress in China. Similarly, Wan believes that the move highlights the “beginning of nationalization of Bitcoin/Cryptocurrency related infrastructure in China”. However, as per the other report, the bank saw a decline in its shares by 13.7 percent a few months ago and the investment in crypto-based Bitpie wallet might be the alternate lucrative opportunity.
If other industry players consider China’s positive move towards the crypto-blockchain spectrum a game-changing movement, then the world is not too far to see institutional involvement in the crypto industry in China.
Interestingly, search volume for “Blockchain” surged on Baidu, Chinese search engine, in fact; the word blockchain was searched for over 72000 times on Baidu. Moreover, similar keywords saw overwhelming growth in China’s messaging app, WeChat – it was searched for 3,331,874 times. Notably, Blockchain in contrast to Bitcoin saw a massive surge, this may be because the country’s president Xi Jinping specifically mentioned Blockchain during the study session last week.
Image source – shutterstock
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