Chinese state media dub cryptocurrencies the best-performing asset of the year

In China, several government-aligned media outlets published upbeat reports about cryptocurrencies. The attention to the unusual agenda was drawn by Dovey Wan, managing partner of Primitive Ventures.

Hmm this is an interesting propaganda vibe from CCP’s official media outlets as “参考消息”, Xinhua and CCTV2

the headline “cryptoasset is the best performing asset YTD” was featured on all avenues, news paper, online media and TV

It’s rare for such a coordinated effort pic.twitter.com/2g6VDsV5SE

— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) September 25, 2020

The day before, «Синьхуа» published a note under the headline “Cryptocurrency has become the best asset of the year.” A similar publication appeared in the print edition of Cankaoxiaoxi, which often translates materials from foreign media. This time it published a shortened version of a Bloomberg article from 22 September.

On September 25, a three-minute video about cryptocurrencies was published by China Central Television (CCTV). It notes a 70% rise in assets since the start of the year.

“Without a doubt, cryptocurrencies have become the most profitable investment among various global assets,” the program noted.

Wan questioned whether such coordinated coverage of cryptocurrencies contains any hidden meaning.

It’s hard to read to read it’s real intent. As crypto asset is contrary to its ever increasing tightening control over fx exchange at the retail level

Rolling out DCEP won’t need such narrative planting as well

🤔🤔

— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) September 25, 2020

In the comments, users wondered about the reasons for such positive coverage. As one noted, in light of the digital yuan launch, China would prefer that people “not be distracted by other cryptoassets”.

It’s hard to read to read it’s real intent. As crypto asset is contrary to its ever increasing tightening control over fx exchange at the retail level

Rolling out DCEP won’t need such narrative planting as well

🤔🤔

— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) September 25, 2020

As reported earlier in September, the People’s Bank of China назвал the right to issue digital currencies ‘a new battleground’ between states. The regulator’s plan is to outpace rivals and undermine the dollar’s dominance.

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