VeChain, a Singapore-based blockchain project was directly mentioned in China’s major newspaper, People’s Daily, a move that could fuel the adoption of the platform in China, as the country has now renewed its interest in distributed ledger technology and crypto, following President Xi Jinping’s recent bullish statement on distributed ledger technology (DLT).
VeChain Gaining Traction in China
Theproject has been on a steady rise since it was launched in June 2015 in crypto-friendly Singapore, with a mission to increase transparency and trust in every business process.
The blockchain platform continues moving rapidly on the upward trajectory. It wasn’t just mentioned in the passing on People’s Daily. The Chinese newspaper also supported it with the tag, “world leader” in the blockchain industry.
A Perfect Timing
The development has come at a perfect time as China has put preparations in top gear to integrate DLT into major sectors of its economy, following the President’s October statement on the potential of the nascent technology.
The application of blockchain technology has been extended to numerous sectors of the global economy, including decentralized finance (DeFi), Internet of Things (IoT), smart manufacturing, supply chain management and digital asset trading, and China’s number one citizen is not oblivious to this fact.
Xi Jinping was quoted as saying by Chinese news agency, Xinhua, that:
“Efforts should be made to promote the deep integration of blockchain with the real economy, so as to solve problems such as difficulties of financing for small and medium-sized enterprises, risk management in banking and government agency supervision.“
He also mentioned that China needs to step up to gain the edge in the rising innovation, adding that efforts should be made to strengthen basic research and boost innovation capacity to help China to formulate real theories, while also occupying the frontline in the rapidly evolving world of DLT.
Meanwhile, China has, for the first time, passed a crypto law that will become effective starting from January 1, 2020. The new law is aimed towards tackling the uprising regulatory and legal challenges in commercial cryptography use-cases.
VeChain (VET) Forging Solid Alliances
This week, VeChain announced that it has partnered with DNV GL and ASI Group to launch Foodgates, a cutting-edge cross-continental logistics, and trades solution powered by the VeChainThor public blockchain, for the Chinese and French food & beverage industry.
VeChain also has several National-level partnerships with the Chinese government. The latest is with the State Tobacco Monopoly Administration and the government-run China National Tobacco Corporation.
At press time, the price of VeChain (VET) is up by 1.04 percent at $0.006485, with a market capitalization of $359.64 million as seen on CoinMarketCap.