Bank of China is pro Bitcoin
Bank of China is pro Bitcoin
Bitcoin

Bank of China is pro Bitcoin

By Marco Cavicchioli - 29 Jul 2019

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The Central Bank of China has published a seemingly pro-bitcoin article explaining how it works. 

The ban prohibiting trading operations between fiat and cryptocurrencies is still in force in the country, but it does not seem to have been able to stop the Chinese, to the extent that they are the largest users of Tether in the world, for example. 

Moreover, a Chinese court has recently officially recognised bitcoin as a “legal commodity“, suggesting that the frontal clash between China and bitcoin could be expected to end. 

Finally, according to a tweet by Samson Mow, on July 26th an infographic dedicated explicitly to Bitcoin was published directly by the People’s Bank of China (PBOC), which presents a brief history of Bitcoin and explains how it works, why the price is going up and why it has value. 

Other Chinese-speaking Twitter users have confirmed that the infographic is definitely “in favour of Bitcoin”.

It is very difficult to imagine that such a choice cannot directly affect the country’s policy that is apparently opposed to bitcoin. 

Forbes even suggests that this could indicate a change in the country’s position towards cryptocurrencies, given that their acceptance by the Chinese seems to be still very favourable. 

In fact, despite the ban, the trading volumes of cryptocurrencies in China would have reached significant levels by now, so the current policy could turn out to be actually unsustainable. 

At the same time, the PBOC is already working on its own official cryptocurrency and as happened in Venezuela before the launch of Petro, this will very easily lead to a removal of the ban on the use of these digital currencies. 

China is commonly recognised as the home of the world’s largest bitcoin miners, and the 2017 ban has only forced many Chinese to use international exchanges since domestic ones have been forced to close or relocate. 

In short, China’s war against cryptocurrencies seems to have been lost, and maybe even the Chinese government is beginning to realise it. 

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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