China Walks Back Hardline Media Rhetoric Toward Crypto and Blockchain

Earlier this week, a story published by Chinese state-run media outlet Xinhua featured some pro-Bitcoin comments that referred to the flagship digital currency as being the world’s “first successful application of blockchain technology.”

This latest endorsement comes against the backdrop of China’s stringent anti-crypto stance, wherein the country’s lawmakers implemented a blanket ban on its local cryptocurrency exchanges as well as initial coin offerings back in 2017.

The aforementioned Xinhua article takes a balanced approach toward crypto tech, outlining the history of Bitcoin’s development and its overall evolution. It starts off by asking readers the question “Does BTC present the global finance industry with an inevitable trend as far as future currency development goes or is the digital asset just another ‘tulip’ hype?” 

The piece then proceeds to describe the core tenets of blockchain and how such a decentralized, immutable and trustless technology can be used to facilitate value transfers in a completely peer-to-peer manner. Additionally, it also covers other relevant aspects related to crypto such as mining, digital scarcity and pseudonymity.

However, similar to most Western media coverage of cryptocurrencies, the piece then starts to devolve into a sweeping tirade of how Bitcoin is mostly being used by criminals and other nefarious individuals to facilitate black market and darknet transactions — a notion that has been debunked several times over in the past. Not only that, but Xinhua’s writing staff also goes on to highlight the volatility of Bitcoin, citing its lack of central backing as being one of its core weaknesses.

The global crypto community weighs in

To better assess the implications of China’s apparent change of heart toward blockchain tech and Bitcoin, Cointelegraph reached out to Matvey Voytov, the chief marketing officer of Waves, a private blockchain solution designed to compete with existing DLT platforms. He…

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