Ever since Chinese President Xi Jinping said they must seize the opportunity that blockchain technology has to offer and viewed the technology as an important breakthrough for independent innovation of core technologies, Cryptos in general have been popping.
Starting January 1st, a new cryptography law takes effect which will facilitating the development of the cryptography business and ensuring the security of cyberspace and information.
China is also proposing a new digital currency that would be able to be used across major payment platforms such as WeChat and Alipay. China is also discussing soldiers scoring high marks or excelling in a field will be rewarded in cryptocurrencies. Soldiers will also potentially earn crypto rewards when they complete certain tasks or if they excel in a given field.
Cryptos are emanating in the air over in China and it’s starting to be contagious. Recently a newspaper mentioned and spoke highly of VeChain’s technology.
VeChain is a blockchain-based platform that aims to improve the day-to-day business operations and real-time tracking of various business processes and products. It allows manufacturers to add sensors, such as RFID tags, to their products that can then record data onto the VeChain blockchain. And recently, it got a “thumbs up” from local Chinese government.
A tea traceability platform powered by VeChain received an official endorsement from the Shuangjiang county government at its launch on Nov. 13.
VeChain partnered with leading tea producers in the region to implement the traceability platform. The entire lifecycle of a tea brick from raw material to the consumer will be recorded on the VeChainThor blockchain, which customers can access by scanning a QR code or NFC tag with their smartphone.
The Pu’er Tea Traceability Platform is one of the first third-party platforms to index into the National Important Products Traceability System, put in place by the Chinese Central Government.
On the news, VeChain's price shot up 10%+, but it has been trending higher the last two months. However, the chart suggest the party might be over short term as price just hit some overhead reesistance at $0.0085.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
Some other news that could be added to that:
Macron and Xi ate meat tracked on VeChain and signed a trade deal between them that will use foodgate (which uses Vechain), Wallmart China is going to scale the number of products being tracked on VeChain, DNV GL is going to launch 900.000 Vechain wallets to their partners, San Marino is going to give 30.000 wallets, Givenchy is going to track 100% of their leather products on VeChain, etc... All starting in 2020, quite amazing, and the mechanism that VeChain is based on increases the token value with the higher number of tx on the blockchain, so we might see VeChain 10x-100x in the next 5-6 years just from utilization imo...
I'm a bag holder, it's my main investment so I know a little about it xD
Ofc, I do agree that these move up needs a correction, I'm not sure if I'll keep my bag or sell it to buy lower :/ Don't like to trade with my investment portfolio