Chinese social news source CCTV1 released a 60-minute article about the cryptocurrency and the Chinese head XI Jinping. However, this time the narrative was not as enthusiastic as last time.
China still does not approve of Bitcoin
This time cryptocurrency and Bitcoin marked a pyramid fraud, and unregistered securities. The main message was the fact that the blockchain is good but Bitcoin is not.
Co-founder of Crypto Primitive Dowie van commented on the critical stance of the Chinese authorities during the broadcast popular TV shows. Here is her tweet.
In short: cryptocurrency is the unregistered securities, fraud and illegal pyramid scheme.
JUST IN ???
Today CCTV1 (CCP official channel) featured another investigative work of “cryptocurrency” on 焦点访谈, which I would considered 60 minutes or even higher profile TV program
TL;DR — cryptocurrency is unregistered security, financial fraud and illegal ponzi pic.twitter.com/gLqIjXDsqI
— Dovey 以德服人 Wan ? ? (@DoveyWan) November 18, 2019
At the moment, Chinese traders still have access to the most active cryptomeria and mining of cryptocurrency in the country, gaining momentum despite the recent prospect of a complete ban. Van also wrote in his Twitter that Chinese investors do not consider BTC as a store of value like gold. They probably are interested in the prospect of speculation on strong price swings.
However, the government’s stated plans to conduct large-scale inspections of smaller projects, including some Patriotic ICO.
We must not forget that China was organized one of the largest Ponzi schemes Plus Token. Its founders were taking money from local inhabitants and render them using the exchange Huobi.
Industry leaders under the gun
The biggest concerns about the government’s position lies in the potential bans on bitcoin. There is even a topic of personal consequences for individual members of cryptosphere. According to van, due to the extensive and active Chinese community in social networks under the distribution can get some of the industry leaders, influencer and developers.
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Even the advertising stablon DAI can be considered as a potential risk. At the moment, it is unclear that the Chinese government had in mind in speaking of the persecution of coins and projects. At least Dowie is very concerned about the fate of one of their comrades, which is a public entity in the project DAI.
A good buddy of mine is leading all DAI related dev/educational work in mainland in, super solid dude, literally hand held the entire Chinese community DAI
I’m concerned of his safety being a public face of DAI now, as it’s apparently contrary to what China is promoting ?? …
— Dovey 以德服人 Wan ? ? (@DoveyWan) November 18, 2019
Dowie van also suggested that China has the intention to nationalize scriptactive, including the production and use of ASIC miners and other infrastructure. The President of China XI Jinping said that such a lively sector “may soon be seen as a criminal activity”. However, the government of China has excluded captaining from the list of illegal activities and the network of Bitcoin is still heavily dependent on Chinese mining pools.
The head of the largest crypto currency exchange Binance, which was once based in Hong Kong, enthusiastically spoke about the thaw in relation to the blockchain. But now where will all these initiatives is anyone’s guess.
China’s adoption of the blockchain so strongly puts pressure on all other governments around the world. They can’t ban it. The only way forward is adoption. Just a matter of speed. Faster ones reap exponential rewards.
— CZ Binance (@cz_binance) November 9, 2019
It seems that the latest statements of the Chinese government’s impact on the price largest coin. During the day, Bitcoin has fallen by almost 4 percent. Today, the price of BTC is 8211 dollars.
Shortly before that, the position of one of the largest economies in the world for BTC as a whole triggered a small price rally as part of the Bitcoin and altcoins. A few weeks ago, public recognition of the technology of the blockchain President XI has led to the growth of Bitcoin by a few percent, pushing the price above $ 10 thousand.
It should be noted that not all reacted to the tweet Dowie van positively. For example, Celia van from The Block wrote that tweet causes conflicting emotions. Video allegedly dated 2017 and has nothing to do with the blockchain. It says about the scams perpetrated using the blockchain and cryptocurrency, not the coins.
This is a highly confusing tweet… the video clip itself is dated 2017 and has nothing to do with the blockchain… the CCTV1 TV program talks about frauds UNDER THE PRETENSE of blockchain/cryptocurrencies but not cryptocurrencies per se… cc: @ChengYilun https://t.co/36kKfxIQHJ
— Celia Wan (@celiawan2) November 18, 2019
Dowie to this publication did not respond, so long as the situation is unclear. In our cryptodata fans of cryptocurrency mining there are still a lot of other useful information. Look.
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