THELOGICALINDIAN - In lateOctober Bitcoin incurred an atomic assemblage that beatific its amount from lows of 7300 to highs of over 10600 This amount assemblage came aloof hours afterwards the Chinese President fabricated bullish comments on blockchain technology which generated optimism that these comments would mark the alpha of a axis abroad from the countrys bloodthirsty behavior on crypto
In animosity of this, a contempo articulation on a Chinese state-sponsored media approach elucidates that Beijing is still agilely against to cryptocurrency, deeming agenda assets as able securities, counterfeit advance vehicles, and Ponzi schemes.
Chinese Government Ardently Opposed to Crypto
The bearish comments apropos to cryptocurrencies came about during a contempo articulation on a high-profile Communist Party official channel, in which the President offered a bearish affect on agenda assets, acquainted that abounding may anon be on a abomination list.
Dover Wan, founding accomplice at Primitive and a accepted China-focused crypto analyst, batten about the contempo articulation on this television approach in a contempo tweet, absolute that the government has no ambition of all-embracing crypto anytime soon.
“JUST IN: Today CCTV1 (CCP official channel) featured addition analytic assignment of ‘cryptocurrency’ on 焦点访谈, which I would advised 60 account or alike college contour TV program. TL;DR – cryptocurrency is unregistered security, banking artifice and actionable ponzi.” She explained while referencing the video anchored in the beneath tweet.
JUST IN ???
Today CCTV1 (CCP official channel) featured addition analytic assignment of “cryptocurrency” on 焦点访谈, which I would advised 60 account or alike college contour TV affairs
TL;DR – cryptocurrency is unregistered security, banking artifice and actionable ponzi pic.twitter.com/gLqIjXDsqI
— Dovey 以德服人 Wan ?? (@DoveyWan) November 18, 2019
China Takes “Blockchain, Not Bitcoin” Approach to Cryptocurrency
This latest development comes anon afterwards Chinese President Xi Jinping stated that blockchain technology would comedy “an important role in the abutting annular of abstruse addition and automated transformation.”
Based on the latest annular of anti-crypto statements from the Chinese government, it does arise that they are acceleration bottomward on the “blockchain not Bitcoin” anecdotal that abounding analysts had doubtable the country would abide adhering to.
“It’s appealing bright to me China has no absorbed to embrace any accessible accessible cryptocurrency at all and that’s why it’s consistently a Blockchain Not Bitcoin narrative. And bottomward the alley a nationalization of accompanying cryptocurrency basement is assured (asic, mining, trading),” Dovey explained in addition tweet.
It’s appealing bright to me China has no absorbed to embrace any accessible accessible cryptocurrency at all and that’s why it’s consistently a Blockchain Not Bitcoin anecdotal
And bottomward the alley a nationalization of accompanying cryptocurrency basement is assured (asic, mining, trading)
— Dovey 以德服人 Wan ?? (@DoveyWan) November 18, 2019
It charcoal cryptic as to whether or not China’s angle arise cryptocurrencies will change as they accumulate added boundless acceptance globally, but in the near-term it does not arise that there will be any about-face in the country’s adverse behavior arise crypto.
