China Banning Bitcoin Has Awarded This Altcoin!


VeChain, the leading enterprise blockchain platform and behind altcoin project VET, continues to gain the trust of government agencies and organizations around the world. According to recent reports, VeChain has been awarded “High and New Technology Enterprise (HNTE)” status in the Shanghai region of China, which has banned Bitcoin. As shared via the VeChain Foundation’s official Twitter account, the prestigious award is seen as a confirmation of the excellence and advanced technology of Blockchain.

VeChain achieves special status in Shanghai

The VeChain Foundation recently tweeted, “The three bodies of the Shanghai government have jointly granted VeChain ‘High and New Technology Initiative (HNTE)’ status! High-profile recognition acknowledges our technical excellence, our advanced technology.” In addition, the Shanghai government’s prestigious award will grant VeChain a special tax status, enabling the company to devote more resources to building important projects. A few days ago, Micromation, a Canadian-based IT consulting firm, announced a partnership with VeChainThor, the leading layer 1 smart contracts platform, to create a standardized traceability tool.

According to the report, the platform aims to leverage the utility built into Blockchain technology to unlock data transparency and help companies improve their supply chain management capabilities, strengthen brand trust and tell the stories of their products. The report includes the following statements:

Micromation invested in specializing in VeChain ToolChain™ and developing a comprehensive business plan and customer service package. TrueStoryteller combines VeChain’s incredibly powerful and sustainable Blockchain architecture with a standardized SaaS model, providing a variety of rapidly deployable digital services for businesses and customers of all sizes.

What is the price status of Altcoin VET?

The report also noted that Micromation’s client network consists of sustainability-focused brands that are eager to drive innovation in their industries. That’s why TrueStoryteller is designed to provide an excellent platform for innovation, leveraging the solid reputation Micromation has built over the years. At the time of writing, VET is changing hands at $0.049, up 5.8 percent.