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The Chinese state news agency Xinhuanet published a short piece urging the citizens of the country to ignore the hype of rising bitcoin (BTC) prices and instead keep faith in the state’s pro-blockchain policies.
In the piece, which was brought up by media outlets such as Sina, two Tianjin-based Xinhua staff reporters wrote that it was unclear what caused the recent rise in bitcoin prices – with BTC climbing to nearly the level of 20,000 USD.
However, they called BTC prices “hype”, adding that the risks associated with trading the token are also increasing “sharply”.
And while cryptocurrency trading would have provided uncertainty, blockchain was on the “straight and narrow” straight and narrow, with technological advancement and regulatory efforts now taking place in harmony – with results that would be “fully realized in the future”.
Larger state media bodies like Xinhua are generally quiet on the issue of BTC pricing in China, where cryptocurrency trading and most forms of BTC and altcoin-related businesses have been marginalized by the 2017 crypto crackdown.
The latest report appears to be a repetition of the message that has become clear to most Chinese observers for some time: Beijing is happy to develop blockchain-related or even cryptocurrency-related financial and financial businesses, but only under the condition that it can maintain full control. on how the technology is controlled and standardized, leaving no room for decentralized cryptography in its plans.
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