Chinese Government In Support of Blockchain or Bitcoin?

Chinese Government In Support of Blockchain or Bitcoin?

Blockchain News
November 19, 2019 Editor's Desk
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In late-October, The Bitcoin experienced a considerable variation in its price from $7,300 over $10,600. This price variation was addressed few hours after the Chinese President made bullish or optimistic comments on blockchain technology, which created optimism that these statements would indicate the start of a shaft away from the country’s voracious policies on crypto.
Chinese cryptocurrency Blockchain

In late-October, The Bitcoin experienced a considerable variation in its price from $7,300 over $10,600. This price variation was addressed few hours after the Chinese President made bullish or optimistic comments on blockchain technology, which created optimism that these statements would indicate the start of a shaft away from the country’s voracious policies on crypto.

In spite of this, a current segment on a Chinese state-sponsored media channel illustrates that Beijing is still ardently opposed to cryptocurrency, considering digital assets as unregulated securities, Ponzi schemes, and fraudulent investment vehicles.

China Opposes Crypto

The bearish or pessimistic comments concerned with cryptocurrencies appeared during a recent section on a high-profile ‘Communist Party’ official channel, in which the President offered a pessimistic sentiment on digital assets, mentioning that many may shortly be listed in the crime sheet.

Famous China-focused crypto analyst and a founding partner at Primitive Dover Wan, commented on the recent segment on this television channel in a current tweet, concluding that the government has no plan of adopting crypto anytime soon.

China Exerts Blockchain Approach to Cryptocurrency

This current development comes after Chinese President Xi Jinping‘ said that blockchain technology would play “a significant role in the next course of technological innovation and the industrial revolution.”

Based on the current series of anti-crypto statements from the Chinese government, it does seem that they are growing down on the “blockchain, and not Bitcoin” account that many interpreters had speculated the country would continue adhering to.

 “It’s pretty clear to me China has no intention to adopt any public open cryptocurrency at all, and that’s the reason it’s always a Blockchain and not Bitcoin narrative. And in the end, a nationalization of related cryptocurrency infrastructure is inevitable (ASIC, mining, trading),” Dovey explained in another tweet.

It remains ambiguous whether China’s views towards cryptocurrencies will vary as they collect more comprehensive adoption globally. Still, in the near-term, it does not seem that there will be any variation in the country’s adverse policies towards crypto.

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