China has been infamous for its ban on crypto trading, as well as other moves that it has made against the crypto industry in the last several years. However, recently, the country seemingly started changing its attitude towards emerging technologies.
Only a few weeks ago, the Chinese president made countless headlines by praising blockchain technology and recognizing its potential. And now, only a few hours ago, the country’s state news agency known as Xinhua openly stated that Bitcoin is the first successful application of blockchain.
Chinese news publish Bitcoin article on the front page
The headline has made waves around the world, especially since it is not a small article somewhere in the last pages of the paper. Instead, it dominates the front page, bringing China to the center of the world’s attention once more.
Chinese state newspaper today (Xinhua)
— Matthew Graham (@mg0314a) November 11, 2019
The article is quite lengthy, and it talks about Bitcoin’s main features, describes its transactions, and explains what BTC mining is and how it works. Furthermore, it also talks about its price, explaining its volatility and stability issues. Unfortunately, the media outlet falsely claims that Bitcoin’s main use cases still revolve around black market transactions, which is far from the truth.
Regardless, the fact that Xinhua published an article about Bitcoin on its main page, and that it got most things regarding the coin right is a huge thing for the crypto industry. There are no certainties regarding what might happen, but it seems safe to say that China might be loosening up about crypto and blockchain technologies.
China changing its mind about crypto
Of course, Xinhua is far from being the only state-run newspaper, and it is not even the only one that is embracing and praising new technologies. Even The People’s Daily, a mouthpiece of China’s Communist Party recently praised blockchain technology, calling it a breaking point, which the country should overtake.
China also recently removed BTC mining from the list of activities and industries that must be eliminated. While mining is not exactly encouraged even now, it is far from forbidden. Overall, the country has been very positive about BTC, and many have started hoping that the ban on Bitcoin trading might be lifted, after more than two years since it was originally introduced.