China: A Dramatic Shift In Attitude See Bitcoin Hailed As A Success By China

China: A Dramatic Shift In Attitude See Bitcoin Hailed As A Success By China

One of the leading state running newspapers, Xinhua has published a story in its front page hailing the Bitcoin cryptocurrency as the successful application of the leading blockchain technology. This praise coming from this newspaper has been described as the significant shift in the country’s stance on these digital currencies and it is coming at the right time when the country is planning to launch its own currency.

This edition of the leading state-run newspaper Xinhua, went further to reveal certain minute details about the Bitcoin cryptocurrency as well as how the blockchain which is its (Bitcoin) underlying technology works. This edition of the newspaper describes the blockchain technology and Bitcoin itself as two of the most talked-about topics in the last couple of years.

In recent times, China has been one of the countries slow to acknowledge and spread the potential of blockchain technology and cryptocurrencies in general. When compared to some of the other countries, China has taken a hardline attitude towards these cryptocurrencies. Back in 2017, when Bitcoin and most of the other cryptocurrencies were experiencing a record increase in value, Beijing banned the operation of cryptocurrency exchanges all with the intent of preventing individuals from buying these cryptocurrencies. In fact, this was done to prevent citizens from buying cryptocurrencies with the country’s native currency – the Chinese Yuan.

This article from Xinhua although heaping praise on Bitcoin was not all that positive. It claimed that the anonymous nature of this currency makes it a number one target for all illegal activities like money laundering.

People have the right to freely transfer funds through Bitcoin without the need to verify information that relates to identity the Xinhua article states. It went further to reveal that this feature of the cryptocurrency makes it used for illegal transactions. The article further reiterates that the two most popular use of Bitcoin and other cryptocurrencies are for dark web and black market transactions.

The country’s change in attitude towards the blockchain technology and Bitcoin began this year, with the rumor that China was on the verge of creating a state-backed token. After a couple of years of blackout on the Bitcoin subject, in October, ads for blockchain courses started to appear on some of the Chinese developed apps in circulation. In addition to this, the adverts began to appear on some of the social media sites in and out of the country. A couple of days later, the country’s president Xi Jinping while speaking to people described blockchain technology as an important breakthrough that every nation should try to develop.

Currently, there are reports of a law that would be introduced in January, this law according to the report will seek to facilitate the development and also the launch of cryptography business at the same time ensuring the security of cyberspace and information. This law according to various reports making rounds in the country will precede the launch of the country’s native token which is currently being developed by the Central Bank.

In the last couple of months, positive sentiments received from China have been identified to have a great impact on the rise of the value of the cryptocurrency, however, the market movement does not suggest any move in the price of the crypto after this announcement was made.

Surprisingly, China may not be the only country to launch a token next year. Reports making rounds last week suggests that the European Union may also be considering to launch a token. While the details of this token have not been revealed, most are of the opinion it would be used by all EU member states.

photo sources: © by ivan_kislitsin

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