China's crypto market benefits from a change in government attitude

Blockstream’s Samson Mow noted that the Chinese financial press is reporting on Bitcoin and crypto, despite a national trade ban. In his opinion and other personalities in the crypto community, it is a signal that the anti-crypto attitude of the Chinese government is no longer so harsh.

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1 Optimism for the crypto market in China

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Mow announced on Twitter that one of the largest newspapers in China posted an article about the evolution of Bitcoin:

“Securities Times China just posted an article about Bitcoin, saying it has increased 45% this year and reached $ 10,000. This is a Chinese financial newspaper with massive coverage. “

Securities Times China just posted an article about #Bitcoin jumping 45% this year and hitting $ 10,000. This is a traditional financial media outlet with massive reach. #China #Bullish ? pic.twitter.com/AJu2MOiQA8

– Samson Mow (@Excellion) February 10, 2020

Optimism for the crypto market in China

China’s authoritarian government may soften its stance on cryptocurrencies, as President Xi Jinping has publicly declared himself in support of blockchain technology. China banned cryptocurrencies trading and advertising on crypto projects in 2017, causing the ICO market to collapse.

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Authorities have taken measures over time against those using platforms such as WeChat to trade Bitcoin.

Subsequently, China proposed banning Bitcoin mining, which panicked most crypto investors. The largest BTC mining pools are located in China, along with the largest mining hardware manufacturers.

However, the government is closely monitoring the blockchain industry. For example, it regularly publishes a crypto project ranking similar to Weiss Ratings. The Chinese central bank is said to be working on its own blockchain project for an e-yan.

Recently, a Chinese court ruled that cryptocurrency is legal and is classified as property under Chinese law, adding protection for Chinese crypto-holders.
All of these aspects provide optimism about a possible change in China’s attitude towards Bitcoin.