It’s no longer news that China has switched its approach towards blockchain technology and is a lot more embracing of the technology than it used to be. However, what’s more surprising is a recent praise for Bitcoin by the Chinese government.

Xinhua News Agency, a media outfit operated by the government, has published an article on Bitcoin recently. Dubbed “Bitcoin: The First Successful Application of Blockchain Technology,” the article takes a deep look into Bitcoin and how it works. It mentions specific intricacies including mining, the use of both public and private keys, and even some details about Bitcoin’s halving.

Cryptocurrencies for a while now, have been banned in China and the government has been known to repeatedly make certain moves to try to stifle the growth of any digital currency in the country. However, Chinese President Xi Jinping recently called on the country to fully embrace Bitcoin technology and all that it offers. While many people were quick to point out that the president’s endorsement was for blockchain technology and not for Bitcoin, others considered it a step in the right direction.

A little recently, the government released a list of industries it intends to discontinue and Bitcoin/crypto mining was not on the list. This was news because a similar list which was released a few months ago, included Bitcoin mining, meaning that the government planned a crackdown.

China intends to release its own Central Bank Digital Currency (CBDC) sometime soon.

 

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