Looks like the controversial talk about the topic “Bitcoin? No. Blockchain? Of course” has finally cleared the air in China as the state-run Xinhua news agency published news about Bitcoin, recognizing it “as the first successful application of blockchain technology”.
Monday’s edition of Xinhua presented an article on the front page of its website, entitling “Bitcoin: The First Successful Application of Blockchain”. This front-page news about Bitcoin perhaps the first time that sounds positive by reading its title and serves its millions of readers – however, China’s state-run media so far only discussed blockchain technology.
Xinhua’s article referring to Bitcoin as the first successful application for Blockchain tech has led millions of Chinese to speculate if investors would reconsider Bitcoin as the potential source of income despite the earlier bitcoin ban reports arose in China.
But wait, the article didn’t majorly focus on the positive sides of bitcoin, rather the approach shed light on the negative aspects of cryptocurrency as well. Within the article, the media remarks Bitcoin’s use-cases in black market transactions and money laundering”. It also pointed out the volatile price of cryptocurrency and the energy-intensive nature of Bitcoin mining.
These might be those few reasons China intends to roll out its own cryptocurrency, the Digital Currency Electronic Payment (DCEP). Most recently, the President of China quoted “We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation.”
Notably, the headline is the only line that catches reader’s attention and in most cases, rare people dig deeper to go through each statement written within the article – having said that, a crypto community on Twitter is cheering up for China’s crypto sentiment for presenting Bitcoin on the front page of state-run publication. In fact, the crypto community is considering this report as the positive crypto approach by China.
Matthew Graham, chief executive of Beijing-based Sino Global Capital who broke out this news about Bitcoin on Xinhua states that “They can’t ignore Bitcoin, but they don’t really want to encourage it either,”.
He went on to say;
“They want to slowly push and pull people in the direction of their own vision. What is that vision? State-controlled DCEP in conjunction with blockchain technology throughout the economy.”
Image Source – Flickr