China's President publicly praises blockchain - is this yet another sign China may soon be returning to the crypto markets?

Chinese President Xi publicly praised blockchain technology today.  At a conference presented by the Chinese Academy Of Sciences, Xi said the technology currently making "breakthroughs" in his opinion were "Artificial Intelligence, IoT, and Blockchain" and categorized them as the driving forces behind what he says will be the a "new industrial revolution".

So - could this be yet another sign that China may soon re-open it's doors to the cryptocurrency markets?

Now you may be thinking "just because Xi sees the benefits of Blockchain technology, it doesn't necessarily mean anything favorable to cyptocurrency, Blockchain can be used for lots of things" - and I agree with that.

But - looking at this in conjunction with another story I covered on May 5th, where the Chinese Government researched and ranked cryptocurrencies (link). I think we're seeing some real signs of China warming up to the cryptocurrency world. 

I believe as China watches everyone from major Wall Street firms, to the global banking industry jump in to the cryptocurrency marketplace they need to decide soon if they're in or out - before so many other companies and nations get a head start.  I also believe China knows this too, and is examining their options now.  Be expecting to hear more on this front soon.

Author: Ross Davis
E-Mail: Twitter:@RossFM
San Francisco News Desk