Many have written off the recent approval of Chinese President Xi Jingping on the blockchain as uneconomical for Bitcoin and other cryptocurrencies. But that quickly turns out to be not true.
For those who missed the note, a quick interlude. On Friday, Chinese state-owned Xinhua media revealed that at a meeting of the Political Bureau of the Central Committee of the Communist Party of China, the Chinese leader called for the adoption of the blockchain "as a major breakthrough for independent innovation of basic technologies." Xinhua State Trade Center revealed that Xi is extolling the potential benefits of blockchain technology in a number of industries, including finance, education, healthcare, food security and more. Non-Chinese crypto traders, apparently
Bitcoin joins blockchain at Going Mainstream in China
While President Xi's focus is clearly on the benefits of blockchain technology, the ripple effects of his statements have influenced China's view of bitcoin. So much so that the Chinese state-owned television station CCTV.com recently hosted a segment breaking BTC, according to a well-known merchant who closely follows the cryptocurrency scene in the region.
A propaganda panda. evidence of this online, noted that CCTV "explained the basics of Bitcoin's" first-ever blockchain application "and how the distributed ledger operates in a recent segment. It's not clear how many people looked at that time, but the number is probably easy in the millions. Easy.
Imagine that 1.3 billion people learn about bitcoin because the state has made an effort to explain how it works. pic.twitter.com/VcIMlxmkQM
– ๑ PANDA ๑ (@PandaofBinance) October 27, 2019
Trader CL has tacitly confirmed the trend of bitcoin's return to mainstream China. The analyst noted in his Twitter post that he noticed that the Chinese government had "organized a national blockchain exam competition", whose first class was literally entitled "Blockchain Application: Bitcoin."
The Chinese Government has organized a national blockchain exam competition.
The first class is literally entitled: Blockchain Application: Bitcoin
Describes how it solves double costs, the advantage over AliPay and WechatPay, etc. Insane. pic.twitter.com/XUjEjNRvcs
– CL (@ CL207) October 26, 2019
Still banned … We think
While Bitcoin is becoming part of Chinese consciousness again Following the rapid collapse of 2018, most transactions and transactions performed using the currency still appear to be banned. Holding BTC, in particular, is considered legal repeatedly, but cryptocurrency trading, especially for Chinese yuan, is still thought to be severely curtailed due to capital controls.
At the same time, AliPay, Alibaba's main fintech business, recently wrote on Twitter that its services should not be linked to bitcoin in accordance with Chinese law, suggesting that anti-cryptographic restrictions applied by the People's Bank of China and other organizations are still available.
It remains to be seen if President Xi's new blockchain strategy will include less stringent rules set when using cryptocurrency.
Related reading: Bitcoin Trending on Google Next To Call of Duty by Kanye West and Rudy Giuliani
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