China’s state press agency Xinhuanet published a short piece urging the nation’s citizens to ignore the hype of soaring Bitcoin (BTC) prices – and instead believe in the state’s blockchain policies.
In the piece that was carried From media outlets like Sina, two Tianjin-based reporters from Xinhua wrote that it was not clear what caused the recent surge in Bitcoin prices – with BTC rising to nearly $ 20,000.
However, they called BTC prices “hype” and added that the risks associated with trading the token are also increasing “sharply”.
And while crypto trading would create uncertainty, blockchain was on the straight and narrow “right track”, with technological advancement and regulatory efforts now proceeding in harmony – with results that would be “fully realized” in the future.
Larger government media outlets like Xinhua have generally been quiet about BTC prices in China, where crypto trading and most BTC and altcoins-related activities have been marginalized since the crypto crackdown in 2017.
The latest report seems to be a reiteration of the news that has become clear to most of China’s observers for some time: Beijing is happy to develop blockchain-related or even crypto-related businesses and finance, but only provided that it does can keep full control of the way the technology is monitored and standardized leaves no room in their plans for decentralized crypto.
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