Chinese State Media Clarifies Stance on Cryptocurrency
China's state-run 'Global Times' newspaper publishes an article making it clear that the government's support for blockchain technology is not an endorsement of Bitcoin.
In a further effort to control the narrative following President Xi Jinping's pro-blockchain speech, the 'Global Times,' a newspaper controlled by the Chinese Communist Party, published an article that drew a sharp distinction between blockchain technology and cryptocurrencies. The piece served as an official clarification from the state, warning the public that the national strategy to develop blockchain did not in any way signal a reversal of the country's strict ban on cryptocurrency trading and fundraising.
The article reiterated the government's view of Bitcoin as a speculative asset that posed risks to financial stability and was associated with illegal activities. This was a direct message intended to quash any lingering speculation that China might be softening its stance on decentralized digital currencies.The publication was another key event in the ongoing saga of China's relationship with crypto, reinforcing the government's desire to harness the power of distributed ledger technology for its own centralized purposes, such as its forthcoming digital yuan (DCEP), while simultaneously rejecting the permissionless and censorship-resistant nature of public cryptocurrencies like Bitcoin.