Do You Know That China Could Throw Its Weight Behind Bitcoin

Talking about Bitcoin and other crypto currencies, they have had a tumultuous relationship with China in recent years, with crypto-trading volumes that are notoriously difficult to measure since the country banned bitcoin exchanges in 2017.

The bitcoin price has so far risen sharply this year after a disastrous 2018, added around 200% since January and has withdrawn from a bitter bear market that had weighed heavily on the bitcoin and cryptocurrency industry. The world's fourth largest asset-based bank, has posted a pro-bitcoin infographic on its website, explaining the history of bitcoin and how cryptocurrencies work - shortly after bitcoin legally recognized by a Chinese court, finding the cryptocurrency as digital ownership.

China could change its position in relation to bitcoin and cryptocurrencies after falling back on crypto exchanges in 2017.

The bitcoin and crypto community has welcomed what appears to be slowly shifting bitcoin in China, which according to recent studies still contributes about 60% of the total computing power of bitcoin and a significant volume of trade, despite the country's crypto ban.

The Chinese bitcoin ban means that people in the country can hold cryptocurrencies, but cannot legally use scholarships to exchange them for traditional currencies.

"The Bank of China published an article about bitcoin," said Samson Mow, chief strategy officer of bitcoin and blockchain technology compayny Blockstream, via Twitter, in addition to a screenshot of the infographic.

“They explained how [bitcoin] works, why the price goes up and why it is valuable. On his explanations, he said that he Never thought he would see that happen, "he added, describing it as" bullish. "

Other Chinese-speaking Twitter users said they generally found the infographic "for bitcoin".

If China, a country with approximately 1.4 billion inhabitants, decides to open its doors to bitcoin and crypto, this could be an important step towards mainstream bitcoin acceptance.

Meanwhile, the Chinese internet court in Hangzhou discovered earlier this month that bitcoin is a commodity because it has value, it is scarce and can be used as a way to transfer value - although bitcoin "does not have the legality of an official currency," similar to previous statements.
The bitcoin price has risen this year, mainly due to the interest of the technology industry in bitcoin, crypto and blockchain. COINDESK

Currently some reports have also suggested that China's central bank, the People's Bank of China, is working on creating a state crypto currency, in part because of the planned libra cryptocurrency project of the social media giant Facebook, which Facebook hopes it will will act as a global currency as regulators the world can find out.

Some have argued that the issuance of digital currencies from central banks will only increase the need for bitcoin and decentralized cryptocurrencies.

Therefor, the demand for bitcoin and digital currencies ncies in the private sector of China is also growing elsewhere, with the chief executive of Chinese phone manufacturer Huawei, Ren Zhengfei, calling the country this month to spend a competitor on Facebook's scales.
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