As part of China’s recent efforts regarding the blockchain technology industry, the country has emphasized its support for blockchain and not for cryptocurrencies. The news has since dampened many who saw President Xi Jinping’s recent blockchain endorsement as a new dawn for the entire sector, including cryptocurrencies.

Recently CCTV1, a media outfit owned by the government, aired a program that had President Jinping speak on blockchain and cryptocurrencies at length. While the program was not run in English, highlights have been provided by Dovey Wan, the co-founder of Primitive Ventures, a crypto investment holding company.

In a series of tweets, Wan explained that the president doubled down on the country’s position against cryptocurrencies in general . According to her, the president described cryptocurrencies as an “unregistered security, financial fraud and illegal Ponzi.” While Wan says that the president didn’t exactly mention Bitcoin, it should probably still be assumed that the president and China by extension, are not interested in the king coin.

Wan does mention however, that the president seemed to insinuate that cryptocurrency could be punishable by law in the future. In a paraphrased translation of the president’s words, Wan tweeted:

“Even (though cryptocurrencies) seem to be lively and vibrant today, tomorrow they may all be on the list of crimes.”

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