Chinese news agency hails bitcoin as “first successful application of blockchain”

Xinhua, a Chinese state news agency, recently praised bitcoin in a front-page article. The flagship cryptocurrency was hailed as blockchain technology’s first successful application. The news agency described how bitcoin functions. It also gave a detailed note on how public and private keys differ, how new cryptocurrency enters the market and even touches the halving event. Xinhua stated that BTC has a pseudo-anonymous nature but falsely claims that its main use-case is in darknet transactions.   

Matthew Graham, Sino Global Capital CEO, first spotted the article, which he later shared on Twitter. The article was published following the announcement by China’s President Xi Jinping. He stated the country should “seize the opportunity” backed by blockchain technology. Jinping praised its potential to improve various sectors. The country is reportedly using blockchain technology to record the loyalty of the Communist Party’s members.  

The President’s comment on blockchain had a great impact. According to a report by CryptoGlobe, China’s National Development and Reform Commission (NDRC) held back from mentioning the restricting or eliminating of the cryptocurrency mining industry. Some people on social media stated that the news was an effort by the Chinese government to educate the masses about cryptocurrencies. After familiarizing them with the concept, the government will reportedly launch its state-backed digital currency.