Chinese media characterise Bitcoin’s new records as hype

Chinese online media Sina and the state-run Xinhua News Agency urged residents of the PRC to focus on blockchain technology and ignore the ‘unexplainable’ rise in the price of the first cryptocurrency, Bitcoin, Bitcoin.com.<--more-->

The journalists noted progress in the development of the technology and in legislative initiatives for its implementation. In the authors’ view, against the backdrop of the ‘uncertainty’ surrounding cryptocurrency trading, blockchain should follow a ‘clear and well-defined trajectory’ with prospects for full realisation in the future.

The Chinese authorities’ negative stance toward cryptocurrencies remains unchanged. As far back as 2017 they imposed bans on Bitcoin exchanges and ICOs.

In October this year, the People’s Bank of China proposed amendments to the law regulating its activities. They prohibit the issuance of tokens pegged to the digital yuan.

Earlier in September, many suggested a retreat from this line. At that time, several government‑controlled media outlets reported growth in the cryptocurrency market without the previous negative interpretation.

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