Economics
From Pigs to Party Fealty, China Harnesses Blockchain Power
- President Xi’s endorsement of blockchain spurs craze in China
- Companies jump on blockchain bandwagon to drive shares
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Verifying pigs, tracking shares of liquor maker Kweichow Moutai Co., and pledging loyalty to the Communist Party. These are just some of the blockchain projects getting a boost amid a frenzy spurred by comments from President Xi Jinping.
Companies and government officials alike are embracing the technology underpinning Bitcoin after Xi urged faster development of blockchain ahead of a recent key policy meeting by high-ranking Chinese officials.