Chinese State Media Organization Prints Bitcoin Overview Article | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
A Chinese media agency recently published a detailed article on Bitcoin on the front page of its newspaper on November 11, 2019. This development is in line with China’s latest positive stance towards cryptocurrency and blockchain technology. Some observers, however, believe that the new trend is a build-up to the digital RMB.
Chinese State Media Publishes Bitcoin Intro
Xinhua News Agency, a Chinese state-owned newspaper, becomes the latest news agency to print a crypto-themed article. Published on its front page, the article titled Bitcoin: The First Successful Application of Blockchain Technology, covered areas such as bitcoin mining, anonymity, the decentralized and immutable nature of blockchain technology, among others.
An excerpt from the article reads:
“Bitcoin is the first successful application of blockchain technology. The transaction records of the traditional financial system are kept in the database of the bank center, and the blockchain is the book of Bitcoin. The ownership of bitcoin generated at any time and the transaction record are recorded in the blockchain book. Anyone who downloads the client can receive relevant information.”
Also, the Xinhua bitcoin article erroneously mentioned that the anonymous nature of bitcoin transactions makes it a tool for money laundering and other illegal activities. Bitcoin isn’t anonymous and different jurisdictions mandate that crypto exchanges should be KYC and AML compliant. The regulatory agency in Hong Kong is set to introduce a robust digital currency regulatory framework that would focus on AML, KYC,