China’s Crypto Stance to Soften as Bank of China Outlines Bitcoin Qualities

Chinas-Crypto-Stance-to-Soften-as-Bank-of-China-Outlines-Bitcoin-Qualities

Bank of China recently posted an infographic entailing cryptocurrencies on its official website reveals news outlet Decrypt. As per the claims made, it seems to be an attempt to educate residents on the overall functioning of cryptocurrencies, followed by its real use cases and the value it could potentially conquer.

This is definitely caught off guard considering the fact that the country has dismissed the likes of cryptocurrencies ever since countries began to scrutinize it. It is important to stress that both the People’s Bank of China (PBoC) and Bank of China are two different entities, where the former constitutes regulatory frameworks and the latter exists in different branches.

Even the CEO of Tron, Justin Sun makes an appearance on this infographic, who supposedly was quoted saying (closest translation):

“The biggest problem is too much money!”

As for how the informative visualization was put together, Crypto Potato highlighted that it starts with Bitcoin’s history and Satoshi Nakamoto, followed by the notion of a decentralized peer-to-peer system, Bitcoin mining and issues such as Mt. Gox and an investor’s attempted suicide was reported.

Moreover, accomplishments have also been shared in this part, such as the first ever time pizzas were purchased with BTC, as well as Facebook’s most recent endeavor, Libra.

The second part explores more of what’s been happening for some time now, which includes the volatility in prices, stressing that investing in the giant is equivalent to a roller coaster ride.

As for the final part, it is more relatable to present time trading and successes including crypto ATMs, crypto-related payment options and ways cross-border payments can be achieved.

Is this a sign that China may reconsider its outlook on cryptocurrencies? Will countries like India follow suit?

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Author: Nirmala Velupillai

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