Chinese Bitcoin Traders Warned that Government’s Blockchain Push Is Not Crypto Endorsement

Share Article

Bitcoin and cryptocurrency traders in China should not get carried away by President Xi Jinping’s open and substantiated endorsement of blockchain technology, the official government mouthpiece advised earlier today.



The quasi-advisory comes against the backdrop of growing Chinese activity in the cryptocurrency space. Interest in blockchain technology, and by extension, in Bitcoin, has increased substantially in the country after the president’s speech outlining blockchain as a vital resource for Chinese’s socio-economic progress.



‘Be Rational,’ State Media Urges Bitcoin Investors

The People’s Daily Newspaper, run by China’s ruling dispensation, published a public commentary on Monday in an apparent reiteration of the government’s stand on the issue of cryptocurrencies.

The publication specifically mentioned that while the government views decentralized distributed ledgers as an important technological breakthrough and possibly the foundation of future technological endorsement, it is important for enthusiasts to maintain rationale.

It then went on acknowledging that cryptocurrencies are intrinsically a product of the rise of blockchain technology. However, it adds, that it doesn’t necessarily justify people making speculative investments in digital currencies.

Bitcoin trading has been banned in China for more than two years now. However, the crackdown on the decentralized digital economy could never be fully enforced as a significant number of Chinese investors remained active in the cryptocurrency space using offshore funds based in Hong Kong and Singapore, as BeInCrypto had previously reported.

Chinese National Digital Currency DCEP Launch Could be Imminent

Interestingly, the CCP mouthpiece has published the editorial at a time when speculations are rife about an imminent launch of China’s national digital currency, DCEP.

Of course, President Xi’s government is yet to announce an official launch date. However, Huang Qifan, vice chairman of the China Center for International Economic Exchanges (CCIEE), reiterated yesterday that the People’s Bank of China (PBoC) has been working on DCEP for five to six years now and is ready for the final push.

Huang added that the PBoC is likely to be the world’s first central bank to offer a national digital currency, BeInCrypto reported yesterday.

CCIEE is a Beijing-based think tank believed to have close ties with the ruling CCP.

Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Share Article

Shilpa is a freelance tech writer and journalist who is deeply passionate about artificial intelligence and pro-freedom technologies such as distributed ledgers and cryptocurrencies. Her expertise lies in turning complicated technical concepts into easy-to-read, informative articles without distorting or diluting facts. She is a jack-of-many-trades with hands-on experience in network engineering, front-end web development, copywriting, and digital marketing. She is also a full-time foodie, semi-skilled musician, and wannabe horror writer. Full-time foodie, semi-skilled musician, wannabe novelist.

Follow Author

Market signals, studies and analysis! Join our Telegram Today!


Bit2Me ICO JUST STARTED! Buy B2M token now.

Buy now!

BIT Launchpad: Up To 3,500 FREE BIT. Don't Miss The Beat.

Join Now!