Cryptocurrency and blockchain appreciation continue as Xinhua, another state-run media organization publishes a full article about bitcoin. Some commentators opine that the flurry of positive digital currency sentiments in the country is part of Beijing’s efforts to normalize the industry before introducing the proposed digital RMB.
Despite these positive signs, trading and initial coin offerings (ICOs) remain banned. However, there appears to be a movement towards nationalizing the Chinese crypto space. Such a move might prompt a response from state actors in the West to adopt more crypto-friendly policies or risk losing out to China in the race for control of the emerging digital landscape.
Xinhua Says Bitcoin is First Successful Blockchain Application
Xinhua on Monday (November 11, 2019) printed an article providing a summary rundown of bitcoin. Titled ‘Bitcoin: The First Successful Application of Blockchain,’ the piece detailed several aspects of the top-ranked cryptocurrency including mining, the maximum supply of 21 million, and halving to mention a few.
Chinese state newspaper today (Xinhua)
Bitcoin: The First Successful Application of Blockchain Technology https://t.co/85icR9FcAH pic.twitter.com/8ZOF6UBSzw
– Matthew Graham (@mg0314a) November 11, 2019
The article also mentioned price fluctuation and the energy consumption of the mining process. An excerpt from the piece reads:
‘First of all, bitcoin is not a tangible currency. It is produced and operated on the internet. It is an open source P2P (Peer to Peer) digital ‘currency…’ Bitcoin is the first successful application of blockchain technology.’
Factual Errors and Inaccuracies
The article did contain a few errors and inaccuracies in its characterization of several aspects of bitcoin. One particular instance of such false information reads:
‘The identity of the account holder will not be known to anyone… This feature also makes bitcoin widely used in illegal transactions such as money laundering. Currently, the most important use of bitcoin payments are black market transactions and ‘dark net’ transactions.’
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China’s Growing Crypto and Blockchain Appreciation
Forecasted that China’s block-chain spending can exceed $2 billion by 20 23 based on a study by IDC – a global market intelligence firm. Based on IDC’s research, China’s block-chain cost will undergo a compounded yearly rise north of 65 percent over the next four decades.
Have printed positive articles on the tech with The Blockchain will wind up a more core tech in the country. So far, IDC says that the bulk of the blockchain efforts of China have focused on the banking, manufacturing, and retail businesses.
Any publication has been prohibited by authorities in Beijing in regards to the Daily – the official press support of the Chinese Communist Party, Technology. Since That Time, Many media platforms including Individuals’s People’s Daily describing Block-chain because the breaking point that will Back China’s President Xi Jinping, October 2019 declared that China overtake the rest of the world. In Another Book by Xinhua, the publication This really is your favorable enthusiasm enclosing Block Chain that