China-backed 'Ethereum killer'cryptocurrency Vechain sees price surge nearly 2k%

[Markuri33]

BEIJING'S "close ties" with Ethereum competitor Vechain has seen the Chinese-based cryptocurrency's price soar by nearly 2,000 percent in one year.The ruling Communist Party of China is notoriously suspicious of technologies and organisations that lie beyond its control, hence their recent clamp-down on bitcoin and other major cryptocurrencies. However, one cryptocurrency project that is seeing support from Beijing is Vechain (VET), a domestically developed decentralised finance operation that is similar to the Ethereum blockchain network. China's President Xi Jinping is desperate to keep a firm hand on the inroads that the cryptocurrency revolution is making into the world's second-largest economy.source

[Alcor]

It is unlikely that the VeChain coin can be considered as a competitor to Ethereum with a price of $ 0.12 and a capitalization of about $ 8.4 billion. However, it surprises me that the Chinese government is promoting a decentralized coin, while its own stablecoin, the digitized yuan, has been tested for a long time. Perhaps there are still fallback options for using cryptocurrency, but if it is decentralized, then the government will not have much influence on it. At the same time, VeChain is developing quite quickly, let's see what happens.