Make No Mistake, Crypto is Still Hated by Beijing Despite Bullish Blockchain Pivot
In late-October, Bitcoin incurred an explosive rally that sent its price from lows of $7,300 to highs of over $10,600. This price rally came just hours after the Chinese President made bullish comments on blockchain technology, which generated optimism that these comments would mark the start of a pivot away from the country’s predatory policies on crypto.
In spite of this, a recent segment on a Chinese state-sponsored media channel elucidates that Beijing is still ardently opposed to cryptocurrency, deeming digital assets as unregulated securities, fraudulent investment vehicles, and Ponzi schemes.
Chinese Government Ardently Opposed to Crypto
The bearish comments relating to cryptocurrencies came about during a recent segment on a high-profile Communist Party official channel, in which the President offered a bearish sentiment on digital assets, noting that many may soon be on a crime list.
Dover Wan, founding partner at Primitive and a popular China-focused crypto analyst, spoke about the recent segment on this television channel in a recent tweet, concluding that the government has no intention of embracing crypto anytime soon.
“JUST IN: Today CCTV1 (CCP official channel) featured another investigative work of ‘cryptocurrency’ on 焦点访谈, which I would considered 60 minutes or even higher profile TV program. TL;DR – cryptocurrency is unregistered security, financial fraud and illegal ponzi.” She explained while referencing the video embedded in the below tweet.
JUST IN
Today CCTV1 (CCP official channel) featured another investigative work of “cryptocurrency” on 焦点访谈, which I would considered 60 minutes or even higher profile TV program
TL;DR – cryptocurrency is unregistered security, financial fraud and illegal ponzi pic.twitter.com/gLqIjXDsqI
— Dovey 以德服人 Wan
(@DoveyWan) November 18, 2019
China Takes “Blockchain, Not Bitcoin” Approach to Cryptocurrency
This latest development comes shortly after Chinese President Xi Jinping stated that blockchain technology would play “an important role in the next round of technological innovation and industrial transformation.”
Based on the latest round of anti-crypto statements from the Chinese government, it does appear that they are doubling down on the “blockchain not Bitcoin” narrative that many analysts had suspected the country would continue adhering to.
“It’s pretty clear to me China has no intent to embrace any public open cryptocurrency at all and that’s why it’s always a Blockchain Not Bitcoin narrative. And down the road a nationalization of related cryptocurrency infrastructure is inevitable (asic, mining, trading),” Dovey explained in another tweet.
It’s pretty clear to me China has no intent to embrace any public open cryptocurrency at all and that’s why it’s always a Blockchain Not Bitcoin narrative
And down the road a nationalization of related cryptocurrency infrastructure is inevitable (asic, mining, trading)
— Dovey 以德服人 Wan
It remains unclear as to whether or not China’s views towards cryptocurrencies will change as they garner more widespread adoption globally, but in the near-term it does not appear that there will be any shift in the country’s adverse policies towards crypto.
Featured image from Shutterstock.
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Cole Petersen, Khareem Sudlow