Bitcoin makes headlines in China

Millions of people in China have woken up to see Bitcoin featured in the headlines of a state-run newspaper following the nation’s new-found passion for blockchain.

Last month, Chinese President Xi Jinping announced that blockchain is vital to the future of the country and urged officials to focus on its development.

Xi made the remarks in a meeting with the political bureau of the Chinese Communist Party’s Central Committee.

Following the news, many Chinese-based cryptocurrencies saw sudden spikes in price, with NEO pumping by a staggering 40%.

The world’s leading cryptocurrency Bitcoin has now made its way into the headlines of Xinhua, a Chinese state-run news agency.

The article is titled “Bitcoin: The First Successful Application of Blockchain Technology,” according to Sino Global Capital CEO Matthew Graham.

While China is now pushing for the development of blockchain technology, the government is not so keen on the use of digital currencies and often discourages citizens from engaging with them.

The article predominantly focuses on explaining the fundamentals behind Bitcoin and how its price can fluctuate wildly – but considering the paper is distributed to potentially millions of people, it is not unsurprising to see the negatives highlighted when price is notoriously volatile.

However, it would seem that China may finally be warming to the concept of Bitcoin and cryptocurrencies in general.

Xinhua’s article may not paint Bitcoin in an entirely positive light, but it nonetheless will introduce millions of people to the concept of cryptocurrency.

Last week, the Chinese government also abandoned plans to effectively ban cryptocurrency mining.

In April, China’s central state planner released a list of industrial activities it wants to eliminate. The list included Bitcoin mining because it “harms the environment”.

But now, the National Development and Reform Commission has published a revised list – and crypto mining has disappeared.

China is a huge mining hub thanks to its vast supply of cheap power.

Interested in reading more China-related stories? Discover more about President Xi Jinping claiming blockchain will be vital to the country’s future.