Bitcoin on the front page of a Chinese journal! Millions of people read about BTC.
This morning, bitcoin appeared in the headlines of the Chinese state newspaper. Bitcoin on the front page of the Chinese press is definitely an unusual event. Monday’s edition of Xinhua, the official press medium of the People’s Republic of China, published an article entitled ‘Bitcoin on the front page of the Chinese press’: “Bitcoin. The first successful application of blockchain technology”.
The article was first noticed by Sino Global Capital CEO Matthew Graham, who made it available on Twitter:
Chinese state newspaper today (Xinhua)
— Matthew Graham (@mg0314a) November 11, 2019
How do the Chinese write about Bitcoin?
The article is not exactly a laurel for Bitcoin.
First of all, Bitcoin is not a specific currency. It is produced and operated on the Internet … [Unlike banknotes [supported] by national law and sovereign loans, Bitcoin was born entirely in the era of modern internet technology.
As Bitcoinist noted, this was to be expected from a regime that is trying as hard as it can to discourage its citizens from engaging in digital content. However, let us not forget one very important fact. The exhibition of the topic and the slogan “bitcoin” through the eyes of millions of Chinese readers will certainly help to reach them with the concept of cryptocurrency.
The publication contains a fairly detailed description of how blockchain technology works. There was also a brief discussion of cryptography, consensus, btc digging and halving. You can learn from the article that Bitcoin has:
(…) a good level of anonymity – the identity of the account holder will not be known to anyone. People can freely transfer money using Bitcoin without having to verify various identities such as bank transfer.
Today’s Chinese news agency publication also reads that BTC is most commonly used for black market and darknet transactions. The text also contains veiled warnings about fluctuations in the price of crypto-currency:
The price of bitcoins is subject to large fluctuations. Bitcoin is only a handful of data. If it is not linked to real money and physical goods, it is difficult to ensure its price stability.
Recent reports from China in the context of Bitcoin
Last week, bitcoin digging was removed from the official list of industries that the National Development and Reform Commission (NDRC) intended to close.
This movement was largely perceived as pro-growth for the industry. Likewise, the public support for blockchain technology by President Xi Jinping was similar.
This is not the first time that the Chinese media have taken such a keen interest in bitcoin. At the end of July this year, the Bank of China published an infographic that translated many terms from the BTC world.
It seems that the Chinese machine with the tag “blockchain” has moved on for good. Especially now that Bitcoin has appeared on the front page of the Chinese newspaper. Will it translate into a valuation of bitcoin? We invite you to a discussion.
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