Chinese Media Says BTC Is the First Example Of the Blockchain Success

3 min reading

Even though just a few months ago, a confession of this kind, coming from the Chinese media, would be something unbelievable, today it does not surprise us because China has recently approached blockchain in order to pave the way for its own digital currency.

 

BTC in Chinese media

On the 11th of November Xinhua, the Chinese state news agency, published a report recognizing Bitcoin as the first successful implication of the blockchain technology. The article is written in a rather positive way. It describes, among others, the history and evolution of the king of cryptocurrencies. Particular attention was also paid to blockchain itself, describing it with features such as decentralization, stability and deprivation of intermediate systems of the value transfer.

Of course, this report included negatives of the virtual currency medal as well, claiming that Bitcoin, due to its pseudo-anonymity, may be a percet tool for criminals trading in goods and services on the black market. The listed disadvantages inclued price volatility too. It was emphasized, though, that unlike fiat currency, Bitcoin is not supported by sovereign centralized power.

Nevertheless, the article published by Xinhua was deprived of excessive judgments and it can be said that Bitcoin itself, for the first time in its history, received such positive presentation from the Chinese government.

 

Unexpected change in attitude

It is worth remembering that some time ago the president of the People's Republic of China, Xi Jiping, publicly announced that his country should use the potential that blockchain brings. He stated that this technology means a great number of important applications, emphasizing that China should treat it as a technological breakthrough.

Since then, many things have changed. The National Development and Reform Commission (NRDC) has abandoned plans to ban cryptocurrency mining recently. The remark regarding the elimination of cryptocurrency mining was simply removed from the final version of the catalog about the restructuring of the industry.

It should be highlighted, however, that the Chinese government has not yet abolished the ban on trading cryptocurrencies and conducting ICO. The country has even published a warning, claiming that their support for blockchain does not mean support for cryptocurrencies and, therefore, citizens should not buy them.

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