An unexpected step on the part of the Bank of China in relation to Bitcoin: the day before yesterday, an infographic was posted on the institution’s website explaining how the cryptocurrency works, how it can be used and what its value is.
Until recently, China strongly criticized cryptocurrencies, now the country has imposed a ban on trading them. However, one of the four largest state-owned banks appears to be promoting bitcoins.
“Yesterday, Bank of China published an article about Bitcoin. They explained how BTC works, why its price grows and what is its value. I never thought I would see it, ”wrote Samson Mou.
Do not confuse the Bank of China with the People’s Bank of China (NBK), which is the main regulator for financial institutions and develops the country’s monetary policy.
The more liberal Bank of China, which has branches all over the world, has reflected in its infographics a balanced list of pros and cons of bitcoin.
The first part of the infographic describes the characteristics of Bitcoin: its decentralized nature, price fluctuations and anonymity. In particular, it is reported that Bitcoin is difficult to fake, and its tax status is uncertain.
It also lists the white pages of Bitcoin and tells the story of the first pizza bought for Bitcoins, breaking into Mt Gox and the announcement of the Libra coin from Facebook.
The second part is devoted to volatility, limited emissions and hashrate. Here is an example that Zimbabweans use bitcoins as a means of saving from hyperinflation.
The third part is devoted to the current state of cryptocurrency – the prevalence of Bitcoin-ATMs, the development of payment networks and attractive low-cost solutions for international payments, on which individual global companies are working.
In the end, users are cautioned against speculative investment. However, Twitter users who speak Chinese say the overall message is very positive.
Bank infographics are not the only sign that China is softening a tough stance on cryptocurrencies and is setting the stage for the development of its own digital currency.