Bitcoin in China, the famous Chinese magazine against the crypto ban
Bitcoin in China, the famous Chinese magazine against the crypto ban
Bitcoin

Bitcoin in China, the famous Chinese magazine against the crypto ban

By Marco Cavicchioli - 2 Oct 2018

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Despite the crypto ban, Bitcoin continues to be very popular in China.

bitcoin in china

In the wake of yesterday’s news of the ETH Hotel, today we discover that the Beijing SciTech Report has also decided to accept bitcoin payments for the 2019 subscription campaign.

BSTR is the most historic of the country’s technical-scientific publications, which according to Asia Times has decided to accept bitcoin payments for subscriptions.

Officially, bitcoin is prohibited in China, as is the use of other cryptocurrencies, but it seems that citizens continue to use them.

The objective of the Chinese newspaper would be to reach new readers interested in these new digital payment technologies.

BSTR has already dealt several times with cryptocurrencies and blockchain use cases. This interest is effectively demonstrated by the decision to accept BTC, which in fact promotes the use of these technologies in a real context.

The cost of the annual subscription will be 0.01 BTC, about 450 yuan or 65 US dollars.

In addition, should the price of bitcoin rise significantly by 2020, BSTR will offer refunds to those who have subscribed and paid in BTC. In fact, many holders often prefer to keep BTCs rather than spend them in the hope that they will increase in value in the future. Promoting the return of part of any value acquired over time allows the publication to provide some incentive for bitcoin spending.

In fact, other similar publications have already opened their doors to bitcoin payments, but none of them had done so in China.

This is actually surprising, because theoretically in the country the purchase of bitcoins would be prohibited, but the prohibition refers to the exchange of fiat currency (Yuan, or Renminbi) into cryptocurrencies, and not to the use of BTC as a means of payment.

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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