Chinese newspaper states on frontpage: “Bitcoin (BTC) is the first successful application of blockchain technology”

Chinese newspaper states on frontpage: "Bitcoin (BTC) is the first successful application of blockchain technology"

Over 10 million users from China will be able to track cryptocurrency rates

The giant Chinese state newspaper Xinhua published a big article about bitcoin (BTC) on the front page on November 11, titled: “Bitcoin: the first successful application of blockchain technology .”

This was tweeted by Matthew Graham, CEO of Sino Global Capital, who first mentioned the article. The article describes what bitcoin is and even briefly discusses certain technical aspects such as cryptography, consensus algorithms, mining, and halving.

However, the article is not only positive about bitcoin. In the article, it is claimed that bitcoin is not a real currency, that it is only data that is not linked to money or any other physical value that makes the price unstable. It is also claimed that bitcoin is mainly used for illegal transactions on the black market and the darknet.

Yet it seems that China is slowly warming up in terms of bitcoin, which is currently banned in the country alongside cryptocurrency exchanges and initial coin offerings (ICOs).

The other giant state newspaper, the People’s Daily, had an article about blockchain technology on the front page two weeks ago. That was published shortly after President Xi Jinping’s speech, which expressed a positive opinion on the technology and raised the price of bitcoin.

It also turned out last week that China will not implement a mining ban. This became apparent from a new list of the National Development and Reform Commission (NDRC) on which mining was placed in April, but has now been removed.

About Shawn Morrison 266 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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