Chinese Government Mouthpiece Praises Bitcoin in Latest Coverage

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On the day bitcoin was undergoing a considerable price drop, a Chinese newspaper decided to cover the cryptocurrency in a surprisingly positive manner.

Xinhua Daily, a media outlet founded by the first premier of the Chinese government, called bitcoin the first successful application of the blockchain technology in its latest coverage. The newspaper explained how the cryptocurrency utilized the finesse of a decentralized public ledger system to conduct financial operations independently and cheaply, particularly mentioning its ability to record and maintain transactional records without needing a centralized party.

The article also discussed the history of bitcoin, offering Chinese newsreaders an insightful overview of the cryptocurrency. It tapped on various of bitcoin’s use cases, particularly in remittance and trading, while shedding light on its shortcomings as a volatile asset.

The Bitcoin Campaign Begins

Xinhua’s coverage came almost a week after the Chinese president Xi Jinping endorsed the blockchain technology in a public speech. The premier openly declared that China would allocate a special fund to grow the research and development in the Public Ledger space. He also mentioned digital yuan, a People’s Bank of China’s blockchain-enabled undertaking, that would digitize the Chinese paper currency to grow its cross border use-case.

According to Crypto Twitter, Chinese media’s latest coverages on bitcoin testified that their government is adamant on pushing its underlying technology ahead. Victor Li, the co-founder of DeFi Toronto, said that the Jinping administration has started a bitcoin campaign. On the other hand, spatial computing expert Dan Talmon saw the move as a strategical push to advertise the upcoming digital yuan.

The change-in-mood was also visible last week when the China National Development and Reform Commission repealed its plans to ban the local bitcoin mining industry. Now, with a state-run newspaper going soft on bitcoin, it appears China is gradually opening up to the potential of bitcoin in the country.

Trading of cryptocurrency, neverthless, remains banned since 2017.

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