Ignore Bitcoin, Focus On Blockchain – China

The Middle Kingdom’s state-run press agency Xinhuanet has advertised a short piece urging residents in the nation to disregard the hype of rising bitcoin (BTC) pricer. Instead, keep their focus and support in the state’s pro-blockchain policies.

In the article carried by media outlets such a Sina, two Tianjin-based Xinhua journalists communicated that it was unclear what had created the current rise in bitcoin prices – with BTC climbing up to near the USD 20,000 level.

They related to BTC prices as “hype,” continuing that the risks associated with trading in the token are also rising “sharply.”

While crypto trading would present risk, blockchain was on the exact and narrow “right path,” with technological development and regulatory exercises now taking place in harmony – with results that would be “fully realized in the future.”

More extensive state media publications such as Xinhua are typically quiet on BTC prices in China, where crypto trading and most forms of movement related to BTC and altcoins have been marginalized since the crypto crackdown of 2017.

The newest report seems to be a recurrence of the information that has grown clear to most China commentators for some time: Beijing is pleased to develop blockchain-related or even crypto business and finance, but only on the proviso that it can sustain full control over the way the tech is policed and regulated, leaving no place for decentralized crypto in its plans.

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