Xinhua, the official state-run press agency of China, has named the Bitcoin cryptocurrency as the successful application of leading blockchain technology. This praise article about bitcoin in China in the press was portrayed as a major change in the role of the country on these digital currencies, and it’s time to launch the country’s own currency. In this edition, Xinhua details of the Bitcoin cryptocurrency and how the blockchain of its (Bitcoin) underlying technology worked was also disclosed.
It is an important change in Peking’s approach to crypto-monetary technology and it comes as the country prepares to establish its own digital cryptocurrency. Monday’s Xinhua release described it as “one of the hottest topics in recent years,” explaining how the bitcoin and its underlying blockchain technology function. In contrast to other countries, China has been slow in recognizing the potential benefits of cryptocurrency and has usually been harsh towards the industry.
The first successful application of blockchain technology was a state-owned Chinese newspaper. Bitcoin is the first popular technology. This commendation marks a major shift from Beijing to the cryptocurrency as the country is getting ready to launch its own digital currency.
This commendation, published on the Xinhua frontpage, marks a major shift from Beijing to the cryptocurrency as the country is getting ready to launch its own digital currency.
When bitcoin headed for its record high price in September 2017, Beijing introduced a ban on every crypto-monetary exchange to prevent its citizens from buying Chinese yuan’s digital currencies.
The Xinhua article was not entirely positive about bitcoin and it claimed that it was used for illegal activities like money laundering by the semi-anonymous nature of the cryptocurrency. “There is no need to test different identity details on Bitcoin to transfer money freely… but Bitcoin is also commonly used in illegal transactions,” the article states.
“Now, the main use of Bitcoin payments is black-market transactions and’ dark web’ transactions.” This year, China’s shift to policy on cryptocurrency and things like the Libra Method and the Blockchain began, causing rumors that it had nearly unveiled plans for its own state-sponsored token.
In October, advertising for blockchain courses started to be available through popular Chinese apps and social-media sites following years of an efficient blackout. The technology was described as a “signaling achievement,” to be improved by Xi Jinping days later.
China’s shift in cryptocurrency policy and blockchain started earlier this year, leading to rumors that China is close to launching plans for its own state-supported token. Following years of an effective blackout on the issue, blockchain advertisements began in October on popular Chinese apps and social media sites. The technology was described by President Xi Jinping a few days later as an “important breakthrough.”
In January a law “facilitates the development of the cryptography enterprise and guarantees the security of cyberspace and data” is also to be introduced. The launch, which is being developed by China’s central bank, is expected to precede. Earlier positive Chinese sentiment was acknowledged to raise the price of bitcoin, although new market trends suggest that the value of bitcoin is not affected.
China, following last week’s revelations that the EU is considering a digital currency proposal, is not likely to be the only geopolitical power to launch a cryptocurrency next year. European Central Bank draft papers encouraged the EU to “take advantage of the opportunities” of the new technology.
The new Chinese crypto-currency is projected to precede the launch of the Central Bank of China. Previous positive sentiment from China was credited for increasing the price of Bitcoin, but the latest market movements suggest that the value of Bitcoin was not affected. China may not be the only geopolitical power to launch cryptocurrencies next year after a proposal on its own digital currency was revealed last week.