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Chinese Bank Invests in Bitcoin Wallet After President Xi’s Remarks

Bitcoin Wallet

Chinese President, President Xi Jinping, surprised the Bitcoin Wallet community on Friday. During a meeting of the Politburo of the Central Committee of the Chinese Communist Party, Xi called for the introduction of Blockchain as “an important breakthrough for the independent innovation of nuclear technologies”.

President Xi Jinping

Xinhua State Department has announced that Xi has praised the potential benefits of blockchain technologies in a number of industries, including finance, education, healthcare, food safety and more.

These statements may seem rather dull – they seem to be something every world leader would say in terms of a young, emerging technology class – but the statements of the Chinese president will have had a huge impact on China’s blockchain efforts and they are already massively have influenced. So much so that a Chinese bank – yes, a financial institution – has reportedly just invested in a huge Bitcoin startup.

Chinese bank invests in Bitcoin startup

The rumors about the death of Bitcoin in China seem exaggerated. According to the founder of Primitive Ventures, Dovey Wan, an investor known for his insights into the Chinese market, China Merchant Bank has just announced an investment in BitPie, “the Bitcoin wallet with the longest history and most users in the world China”.

As far as is known by NewsBTC, China Merchant Bank is a medium-sized financial institution in the nation with hundreds of branches. It’s not a small fish, that’s for sure.

After Wan’s analysis, this is the beginning of the Chinese nationalization of the cryptocurrency and the Bitcoin industry, which responds to the statements of President Xi and the earlier massive public reaction.

It is important to note that this is not the first time that a Chinese bank is getting dirty hands from cryptocurrency. Earlier this year, the Bank of China – not to be confused with the Chinese Central Bank of the same name, the People’s Bank of China – published a full article about Bitcoin.

Answer Gargantuan Public

This appears to be part of the massive public and private response to President Xi’s comments. As previously reported by NewsBTC, state-controlled television channel recently organized a segment that breaks down BTC, according to a well-known trader who closely follows the crypto-currency scene of the region.

A Twitter user of “CL” has tacitly confirmed the trend of Bitcoin’s return to mainstream China. The analyst noted in his own Twitter message that the Chinese government “has organized a national blockchain exam competition,” the first class of which literally means “Application of Blockchain: Bitcoin.”

However, this is just the tip of the iceberg.

Bitcoin and Blockchain return to mainstream China with the support of their leader. Who knows what can happen next?