Major Chinse tech publication adds support for BTC payments

BSTR allows subscribers to pay with Bitcoin in an effort to promote crypto use

Major Chinse tech publication adds support for BTC payments

Major Chinese tech publication has started to accept subscription payments in Bitcoin (BTC), industry website Cointelegraph has reported, citing information from the local press.

According to a September 30 report from news outlet Guangming, the Beijing Sci-Tech Report (BSTR) publication is making the move to promote the use of blockchain and crypto through “practical actions”.

“[S]ubscribers can pay subscription fees to the specific bitcoin receiving address of the newspaper to complete the subscription,” the Guangming report says.

Using Bitcoin, subscribers can reportedly purchase an annual subscription to BSTR’s ‘Tech Life’ magazine. The subscription fee is said to be set at $0.01 BTC ($65).

The Bitcoin price has seen some losses in today’s afternoon trading, tumbling down below the $6,600 level it held during the morning session. At the time of writing, the Bitcoin price was hovering around $6,560, having lost nearly 1% of its value over the most recent 24-hour period.

BSTR’s move is an unusual one, given that over the past year China has made moves to discourage some crypto-related activities, by banning centralised crypto trading and initial coin offerings (ICOs) in the country. At the same time, owning and investing in cryptocurrencies is not against the local law, Cointelegraph notes. Over-the-counter crypto trading is still allowed in the country.

More broadly speaking, the Chinese authorities have demonstrated on several occasions that they are interested in the underlying technology of most digital currencies, the blockchain. Earlier this year, the tech’s potential was publicly acknowledged by China’s president Xi Jinping.

“Ever since the start of the 21st century, a new generation of industrial revolution is substantially reshaping the global economic structure ... with artificial intelligence, internet of things and blockchain constantly making application breakthroughs,” Xi said at an academic conference in May.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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