Why the VeChain Foundation met with Chinese government officials – Explica .co






Through its official Twitter account, the VeChain Foundation confirmed a meeting with government officials from three major Chinese districts. Representatives from Shanghai, Changing and Huangpu visited the organization’s Singapore office.

According to the VeChain Foundation report, representatives of the enterprise blockchain platform and governments spoke about “potential transformative collaborations.” The organization claimed to be “always ready” to help all sectors, from private companies to governments.

A separate report published by the Chinese website ChainNews claims that Deputy Director of the Changing District, Pan Min, “repeatedly” praised VeChain’s technology and business development.

The meeting was attended by Dr. Ziheng Zhou, VeChain Chief Technology Scientist, Bing Wang, Director of Human Resources, Yiyun Xia, Director of Marketing and Public Relations, and Diyun Gong, Executive Assistant to the CEO.

From the public sector, the meeting was attended by members of the Construction, Commerce, Science and Technology and Promotion of Direct Investment Committees with other government officials.

They were tasked with explaining the use cases, their business models, and how VeChain can make a difference in the corporate sector. During the meeting, participants also discussed how VeChain-based products have helped offset the impact of the Covid-19 pandemic and the platform’s potential to provide incentives to drive a low-carbon ecosystem.

This platform has seen a boom in China, according to a report by the state television station Shanghai Media Group (SMG). This news channel reported on VeChain’s role in a 5-year national plan to develop its blockchain capabilities.

VeChain’s potential recognized by Nasdaq

After the cryptocurrency market crash, some altcoins are available at a “discount,” as optimistic investors said. A report published by Nasdaq titled “7 Low-Cost Altcoins That Still Have Solid Potential in 2021” listed VeChain, Bitcoin, Cardano, Ethereum, and others in this ranking.

The report cites a thesis by academic Pietro Palamara from the School of Industrial and Information Engineering at the Polytechnic University of Milan, Italy. This academic stated the following:

Vechain is an authoritative blockchain platform based on Ethereum blockchain, it was developed by the Chinese company BaaS BitSe, based in Shanghai and founded by former managers of IBM, Louis Vitton and Alibaba. Vechain developers aim to completely eliminate the threat from the counterfeit products market, using the potentialities of smart contracts and blockchain technology.

VET is trading at $ 0.11 with a correction of 10% and 13.8% on the daily and weekly chart. In the monthly chart, VET registers a loss of 45.9%.

VET in a downtrend on the daily chart. Source: VETUSDT Tradingview

This cryptocurrency has been hit hard by the recent crash, but analyst Justin Bennet seems optimistic about its long-term performance. He said :

What people forget is that $ VET started this correction at + 17.600% from the March 2020 low. Even at 0.04, it would still be 2.400% from the 2020 low. You can’t enjoy those kinds of gains without important bowel checks along the way.