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

2 mins
Updated by Kyle Baird
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. China Blockchain Bitcoin BTC

‘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. China Bitcoin

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.
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