CHINA AND THE RACE FOR CRYPTO

Some months ago China announced that would implement a new cryptocurrency that they're developing, this week more actors are adding to this trend, USA, UE and Japan have an agreement to develop their own crypto based on FIAT.

This unexpected movement has been delayed as much as possible, the gobverments have been always reluctant to this form of money with messages warning to the citizens of the risks of all kind of scams and financial frauds linked to the actual crypto.

Seems that they thinked it twice and decided to finally get involved because would be a risk for them to remain passive as China could develop a technology that would give to this country an important advantage.

A PREVENTIVE POLICY

This change in the policy of the western block its probably motivated for the fear to loose the preeminency of USA an UE in economics more than for a real bet in this new technology, it seems that Bitcoin, LIBRA and China's new crypto its seen as a menace to their interests, basing this new crypto in FIAT doesn't look as a wise choice but a conservative one as the development of crypto has been always critical about the central banks.

CONSEQUENCES

Anyways is probably good news for all the old crypto world as this is the confirmation of the value and improvement that the blockchain is leading.

Finally consumers will see the blockchain as a legitimate source of income and an unstoppable proggress as important as internet was in the past. We can finally expect that the market will look in the future to the cryptocurrency as the natural form of money and not as a weird invention that seemed for most of the people until now.

This added to the latest invests that some corporations have done on Bitcoin, with maximum hashrates this week, could announce a big bullrun in the crypto market soon.

SOURCE: Reuters