China has recognized the bitcoin as the first successful application of blockchain technology. This was reported by the official news Agency, Xinhua Daily, by publishing a report which says about the history and development of bitcoin.
Given the tough stance of China regarding the cryptocurrency, the article is exceptional. We recall that from September 2017, Beijing issued a historic ban on the cryptocurrency that is related to trading and conduct of ISO.
Overall, the article Xinhua reigns a positive tone and mention the details of the history, development and evolution of bitcoin. In the beginning of the article the author asks a question what is bitcoin the inevitable trend of the development of currency in the future, or the next “Tulip” HYIP. Considering that this language is a restatement of longstanding industry commonplace, rather, it is rhetorical.
The publication details the basic principles of a blockchain as a decentralized, permanent and reliable peer-to-peer transfer system of values, covering aspects such as mining, digital deficiency and anonymity.
In connection with the latter, as is characteristic of many Western media sources covering the cryptocurrency, this article talks about the potential risks associated with bitcoin, arguing that the alleged bitcoin payments more use for transactions in the darknet.
It is worth saying that Xinhua also notes the volatility of bitcoin as a currency that is not supported by a centralized sovereign state – unlike Fiat money.
However, there is no hyperbole or demonizing bitcoin, which surprised readers. They commented that this is the first time bitcoin has received such a positive response from the Chinese government.
As reported recently, China’s President expressed his loud stance on the blockchain and innovation, which was accompanied by the signing of cryptocurrency law governing various aspects of the use of the blockchain, which will come into force in January next year.
It is also expected that the country’s Central Bank, People’s Bank of China (PBoC), the first in the world to launch a national digital currency from the Central Bank.
Despite the fact that the Chinese media warned against speculation with cryptocurrencies on the background of the adoption of the blockchain technology, the country is trying to soften its strict stance against bitcoin mining.