Chinese state media prints Bitcoin overview article

Chinese media agency published a detailed Bitcoin overview as the front page of its newspaper on November 11, 2019.

“Bitcoin: the first successful application of blockchain technology”

Xinhua News Agency is a Chinese state-owned media agency that recently published an article regarding Bitcoin. The crypto-themed article dubbed ” Bitcoin: The First Successful Application of Blockchain Technology” covered many aspects of crypto assets. The news covered areas such as mining, privacy, and the decentralized nature of blockchain technology.

The article spoke about Bitcoin by calling it the “first successful application” of blockchain technology. The article called blockchain as the “book of Bitcoin” that records every coin generated as well as all transactions that involve the asset.

The article also mentioned that crypto-assets could be used for money laundering and other criminal activities due to their anonymity. Bitcoin does not offer complete anonymity. Moreover, numerous jurisdictions require users to go through KYC and identification methods. Now a regulatory agency in Hong Kong is set to introduce a regulatory framework regarding virtual assets.

China has had a very positive outlook towards cryptocurrencies for some time now. The country’s president Xi Jinping endorsed Blockchain technology while calling on the nation to expand efforts in increasing its growth. Furthermore, the Chinese government has remover crypto mining from the list of industries it planned to exit from the country.

However, people believe that these efforts are being made only to ensure the success of the Digital Yuan. The country’s central bank has been working on a Central Bank Digital Currency (CBDC) for quite a long time. The stablecoin is believed to compete with Libra and might even threaten Dollar’s position in global markets.

Featured image by pixabay.com