Crypto is Hated by Beijing Till Now Despite Bullish Blockchain Pivot

At the end of October, Bitcoin made an explosive recovery, sending its highest price of more than $7,300 to more than $10,600. The price increase occurred only a few hours after the Chinese president made sharp comments about Blockchain technology. Which generated optimism that these comments would mark the beginning of a spindle away from the country's predatory policies on crypto.

Despite this, a recent section in a media channel sponsored by the Chinese state suggests that Beijing still opposes cryptocurrencies. Showing digital assets such as unregulated securities, fraudulent investment vehicles and Ponzi schemes.

The Chinese government strongly opposes Crypto

The recession comments related to crypto produced during a recent segment in an official high-profile channel of the Communist Party in which the president offered a bearish sentiment on digital assets, noting that many would soon be on a list of crimes.

Dover Wan, a Primitive partner and a popular crypto analyst focused on China. Spoke about the recent segment of this television channel in a recent tweet. Stating that the government’s intention to adopt cryptocurrency is not

China adopts the "Blockchain, not Bitcoin" approach to Cryptocurrency

This latest development came after Chinese President Xi Jinping said blockchain technology "would play an important role in the next round of technological innovation and industrial transformation."

Based on the latest round of anti-crypto statements by the Chinese government. It seems they repeating the "non-bitcoin blockchain" narrative that many analysts suspected the country would continue to follow.

"It is quite clear to me that China does not intend to adopt any public open cryptocurrency. That is why it is always a Blockchain narrative, not Bitcoin". And in the future, nationalization of the related cryptocurrency infrastructure is inevitable (ASIC, mining, commerce), ”Dovey explained in another tweet.
It is unclear whether China's views on cryptocurrency change as they are more widely adopted worldwide. But in the short term, there seems to be no change in the country's unfavorable policies for cryptocurrency.