Chinese State-Run News: BTC is 1st 'Successful' Use of Blockchain

The front page of Xinhua, a news agency run by the Chinese government, contained an article entitled “Bitcoin: The First Successful Application of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term Technology,” on November 11th.

While the article appears to be purely informational in nature, the prominent placement of a piece of writing that refers to Bitcoin as “the first successful application of blockchain technology” has caused some discussion as to whether China could be considering easing its legal restrictions on cryptocurrency.

The article focuses on education

The news was shared into western media spheres by Sino Global Capital CEO Matthew Graham on Twitter.

Chinese state newspaper today (Xinhua)

Bitcoin: The First Successful Application of Blockchain Technologyhttps://t.co/85icR9FcAH pic.twitter.com/8ZOF6UBSzw — Matthew Graham (@mg0314a) November 11, 2019

The article explains the basics of how the Bitcoin network works, including basic instructions on how private keys can be used to send transactions, information on Bitcoin mining, and a section on Bitcoin’s volatile price fluctuations.

However, the article also claims that “currently, the most important uses of bitcoin Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term are black market transactions and ‘dark net’ transactions.”

Indeed, Louis Curran, Managing Partner at JST Digital, wrote on Twitter that the article was “hardly a ringing endorsement for #bitcoin.”

hardly a ringing endorsement for #bitcoin? '' Bitcoin is not a tangible currency. It is produced and operated on the Internet '' .. ''The price of Bitcoin is subject to large fluctuations. Bitcoin is just a bunch of data'' thanks for highlighting pic.twitter.com/d9UN7dRfqS

— Louis J.D. Curran (@CurrencyWar1) November 11, 2019

China pushes into blockchain

The news of the article’s publication comes closely on the heels of Chinese President Xi Jinping’s highly publicized remarks on blockchain several weeks ago.

Indeed, in a meeting of the Political Bureau of the Chinese Communist party’s Central Committee, Jinping called for his country to adopt blockchain technology “as an important breakthrough for independent innovation of core technologies.”

At the time, Xinhua reported that Xi specifically called for the adoption of blockchain technology in “digital finance, Internet of Things, intelligent manufacturing, supply chain management, digital asset trading, and other fields.” (Translated quote.)

China’s central state planner has also recently come forth to remove Bitcoin mining from the list of industries that it is hoping to eliminate; the Chinese government has also banned anti-blockchain sentiment.

3/ Articles saying blockchain technology is a scam are now BANNED.

Who still remember the days when posts promoting blockchain getting deleted real fast? pic.twitter.com/W5iRJ3PDYS — cnLedger (@cnLedger) October 28, 2019

.

Indeed, Business Korea reported on November 11th that “China is about to issue a digital version of the yuan based on blockchain and cryptocurrency technologies. Its five-year plan for fintech firm growth, which resulted in global fintech giants such as Alibaba and Tencent, comes to an end next year and the issuance is likely to become another quantum jump for China.”

Additionally, Finance Magnates reported that the China Merchant Bank reportedly invested in the crypto wallet platform BitPie at the end of October.