China's state-controlled media explains Bitcoin to millions: knock-on effect
Many dismissed Chinese President Xi Jinping's recent blockchain approval as not favorable to Bitcoin and other cryptocurrencies. But this quickly turns out not to be true.
For those who missed the note, a quick interlude. On Friday, the Chinese media outlet Xinhua revealed that China's leader had requested blockchain adoption "as a major breakthrough for independent nuclear technology innovation" at a meeting of the Chinese Communist Party Central Committee political bureau. State-run outlet Xinhua revealed that Xi paid tribute to the potential benefits of blockchain technologies in a variety of industries, including finance, education, health care, food safety and more.
Related reads: What drove the Bitcoin price to $ 1[ads1]0,500? Non-Chinese cryptocurrencies, apparently
Bitcoin joins Blockchain in Going Mainstream in China
While President Xi's focus was evidently the benefits of blockchain technology, the ripple effects of his statements have influenced China's view of Bitcoin. So much so, in fact, that China's state-controlled television station, CCTV.com, recently hosted a segment that breaks down BTC, according to a prominent trader who follows the region's cryptocurrency scene.
Panda, which propagated evidence of this online, noted that CCTV "explained the basics of & # 39; the first blockchain application & # 39; Bitcoin and how a distributed ledger works" in a recent segment. It is not clear how many individuals were watching at this time, but the number was probably easy in the millions. Single.
China's state-controlled TV, explaining the basics of "first ever blockchain application" #bitcoin $ btc and how a distributed ledger works
Imagine 1.3 billion people with bitcoin because the state 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 back to mainstream in China. The analyst noted in his own Twitter post that he noted that the Chinese government "has organized a nationwide blockchain exam competition," whose first class is literally titled "Application of Blockchain: Bitcoin."
Chinese authorities have organized a nationwide competition for blockchain exams. The study material they see?
First class is literally called: Application of Blockchain: Bitcoin
Continues to describe how it solved double spending, benefit over AliPay and WechatPay, and so on. Insane. pic.twitter.com/XUjEjNRvcs
– CL (@ CL207) October 26, 2019
Still banned … We think
While Bitcoin becomes part of the Chinese awareness again after 2018's steep collapse, it seems that a majority of transactions and operations done using the currency are prohibited. Holding BTC, in particular, has been considered legal on several occasions, but the trading of cryptocurrencies, especially for the Chinese yuan, is still believed to be severely restricted due to capital control issues.
Case in point, AliPay, Alibaba's primary fintech business, recently wrote on Twitter that their services should not be affiliated with Bitcoin in accordance with Chinese law, implying that the anti-cryptocurrency requirements implemented by People's Bank of China and other devices are still in place.
It remains to be seen if President Xi's newfound blockchain strategy will involve less stringent rules added to the use of cryptocurrency.
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