Bank of China Publishes an Article about Bitcoin

Samson Mow, Chief Strategy Officer of Blockstream, announced on Twitter that the Bank of China has posted an article about Bitcoin. In his view, this is a positive signal about the future of cryptocurrency in China.

Bank of China is one of the four major banks in the country, owned by the state. The Central Bank of China had a negative attitude towards cryptocurrency in general, but apparently Bank of China is somewhat more positive.

The article published on the Bank of China website presents general notions about how the Bitcoin blockchain works. It also outlines the reasons for the price increase from $ 4,000 to $ 10,000 and the inherent value of Cryptomon. The article included an infograph about the basic concepts of Bitcoin.

On the whole, cryptomoneda returned to the Chinese audience.

The US has a less open attitude

In recent months, US authorities have made negative public statements. For example, Secretary of the Treasury, Steven Mnuchin, has made negative comments on cryptocurrecny in general. President Donald Trump, for example, has argued that it facilitates illegal activities.

Mnuchin has made it clear that cryptocurrency will be re-enforced with more severe laws in the next period. On July 30, the US Congress will hold a hearing on this subject.

Libra, the main threat

The crypto Libra project, launched by Facebook, is the reason behind the negative attitude of US authorities. The US authorities are not only afraid that the Libra Association will become a parallel banking system out of their control. The justification is a large number of users of the social networking world – about 2 billion.

Meanwhile, the Central Bank of China is of the opinion that a solution to fight Libra is to launch its own cryptocurrency.