Chinese nationalization of the crypto industry: China's leading bank invested in BitPie

Leading Chinese bank China Merchants Bank invested BitPie Bitcoin wallet. This was reported on Twitter by managing partner of Primitive Ventures Dovi Wang, who noted that this was the beginning of the nationalization of the crypto industry in China.

All I can say is this to me it's a sign of begining of the nationalization of Bitcoin / Cryptocurrency related infra in mainland

Eventually, all things can be state-owned, or at least partially (mining, ASIC, exchanges, wallets, etc etc)

– Dovey 以德服人 Wan ? ? (@DoveyWan) October 28, 2019

BitPie wallet has long been one of the most popular among Chinese cryptocurrency holders before the ban on transactions with them.

What exactly will be the cooperation between China Merchants Bank and BitPie is not known – neither the bank nor the company has yet officially confirmed the information that has appeared.

“All I can say for me is a sign of the beginning of the nationalization of the infrastructure of bitcoin / cryptocurrencies … In the end, everything can belong to the state, at least partially (mining, ASIC, exchanges, wallets),” Wang wrote.

The news about the interest of the leading bank of China in the cryptocurrency wallet appeared after the statement by the head of the PRC, Xi Jinping, about the importance of introducing the blockchain.

Almost immediately after his speech, the All-China Assembly of People's Representatives, the Parliament of the PRC, approved the law on cryptography.

Against the background of the Chinese leader’s statement, the price of bitcoin soared , and the shares of the country's leading blockchain companies after the stock market opened on Monday rose by an average of 10%.

According to Morgan Creek Digital co-founder Anthony Pompliano, the United States should accept the challenge of China and also take up the development of the blockchain. Pomplianto called it the "space race of our generation."

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