In an unexpected move, a major Chinese state bank has posted what appears to be a positive infographic on its website detailing the history of Bitcoin and some basic cryptocurrency concepts. The infographic notes the impressive gains that Bitcoin has benefitted from recently and appears to address the relevance of cryptocurrency in today’s world.[1]
Trading of Bitcoin and cryptocurrencies in China has been illegal since the country banned Bitcoin exchanges back in 2017. While the ban forced some exchanges to move their operations to other countries, it is believed that millions of Chinese citizens still trade cryptocurrencies through subversive means. Although trading is banned, mining cryptocurrency in the country is still legal, and it is estimated that 60 percent of all Bitcoin’s hash power comes from China.
Leading US financial magazine Forbes even reported about the development, mentioning a Tweet from Bitcoin developer and popular crypto voice Samson Mow, the chief strategy officer at major blockchain firm Blockstream. Mow mentioned his surprise at seeing the infographic on the Bank of China website, stating: “Never thought I’d see that happen.”[2][3]
The unexpected move has been widely viewed as very ‘bullish’ amongst cryptocurrency investors and could precipitate massive growth in the industry. With a population of 1.4 billion, any favorable change in the law by the Chinese government could be hugely positive news for cryptocurrency.
The change follows a recent legal ruling by China’s Hangzhou Internet Court that classified Bitcoin as a commodity that should be considered ‘digital property.’ While the ruling didn’t go so far as to give it a ‘legal currency’ status, the recognition by an authoritative body is evidence of changing mindsets within the country.
