DayOfCrypto
  • Home
No Result
View All Result
DayOfCrypto
No Result
View All Result
DayOfCrypto
Home Other
china’s-state-controlled-media-explains-bitcoin-to-millions:-knock-on-effect

China’s State-Controlled Media Explains Bitcoin to Millions: Knock-On Effect

by Admin
October 28, 2019
in Other
286 6
0
Share on FacebookShare on Twitter

Many wrote off Chinese president Xi Jinping’s recent endorsement of blockchain as non-beneficial for Bitcoin and other cryptocurrencies. But this is quickly proving itself to not be true.

For those who missed the memo, a quick interlude. On Friday, Chinese state media outlet Xinhua revealed that China’s leader had called for the adoption of blockchain “as an important breakthrough for independent innovation of core technologies” in a meeting of the Political Bureau of the Chinese Communist Party’s Central Committee. State-run outlet Xinhua revealed that Xi lauded the potential benefits of blockchain technologies in a swath of industries, including finance, education, health care, food security, and more.

Related Reading: What Drove Bitcoin Price to $10,500? Not Chinese Crypto Traders, Apparently

Bitcoin Joins Blockchain in Going Mainstream in China 

While President Xi’s focus was evidently on the benefits of blockchain technology, the ripple effects of his statements have affected China’s view on Bitcoin. So much in fact that China’s state-controlled television station, CCTV.com, recently hosted a segment breaking down BTC, according to a prominent trader that closely follows the region’s cryptocurrency scene.

Panda, who propagated evidence of this online, remarked that CCTV “explained the basics of the ‘first-ever blockchain application’ Bitcoin, and how a distributed ledger works” in a recent segment. It isn’t clear how many individuals were watching at this time, but the number was likely easily in the millions. Easily.

China’s state controlled television explaining the basics of “first ever blockchain application” #bitcoin $btc, and how a distributed ledger works

Imagine 1.3 billion people got to know bitcoin because state made an effort to explain how it works. pic.twitter.com/VcIMlxmkQM

— ๑ PANDA ๑ (@PandaofBinance) October 27, 2019

Trader CL has tacitly corroborated the trend of Bitcoin returning to the mainstream in China. The analyst remarked in his own Twitter post that he noticed that the Chinese government “has organized a nationwide blockchain exam competition,” whose first class is literally titled “Application of Blockchain: Bitcoin.”

Chinese government has organized a nationwide blockchain exam competition. The study material they see?

First class is literally titled: Application of Blockchain: Bitcoin

Goes on to describe how it solved double spending, advantage over AliPay and WechatPay, and so on. Insane. pic.twitter.com/XUjEjNRvcs

— CL (@CL207) October 26, 2019

Still Banned… We Think

While Bitcoin is becoming a part of the Chinese consciousness again after 2018’s precipitous collapse, it still seems that a majority of transactions and operations made using the currency are banned. Holding BTC, notably, has been deemed legal on multiple occasions, yet the trading of cryptocurrencies, especially for Chinese yuan, is believed to still be vehemently restricted due to capital control concerns.

Case in point, AliPay, Alibaba’s primary fintech business, recently wrote on Twitter that its services should not be associated with Bitcoin in accordance with Chinese law, hinting that the anti-crypto restrictions implemented by the People’s Bank of China and other entities are still in place.

It remains to be seen if President Xi’s newfound blockchain strategy will involve less stringent rules placed on cryptocurrency use.

Related Reading: Bitcoin Trending On Google Next To Call of Duty, Kanye West, and Rudy Giuliani
Featured Image from Shutterstock

The post China’s State-Controlled Media Explains Bitcoin to Millions: Knock-On Effect appeared first on NewsBTC.

Admin

About Us

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Follow Us

Popular Tag

Adoption Banks Binance Binance Coin Bitcoin Bitcoin Cash Bitcoin Price Bitcoin Regulation Bitcoin SV Blockchain Central Bank China Coinbase Crimes Cryptocurrencies Cryptocurrency Exchange EOS Ethereum Ethereum Price Facebook Germany Government Investments Japan Law Libra Litecoin Markets Market Update Mining Payments Regulation Ripple SEC Security South Korea Stablecoin Stellar Switzerland Tokens Tradings Transactions USA Wallet XRP

Recent News

Poloniex Review – Buy and sell cryptocurrencies, Bitcoin, Registration, Safety, Reference

Poloniex Review – Buy and sell cryptocurrencies, Bitcoin, Registration, Safety, Reference

November 8, 2020
Bitstamp Review – Buy and sell Bitcoin and cryptocurrencies, Registration, Safety, Reference

Bitstamp Review – Buy and sell Bitcoin and cryptocurrencies, Registration, Safety, Reference

November 8, 2020
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version
Skip to toolbar
  • About WordPress
    • WordPress.org
    • Documentation
    • Support
    • Feedback
  • Log In
  • AMP
    • View AMP version