According to the investigative report released by CCTV (A channel owned by the government of China), the citizens of China need to be cautious concerning investment in “unregulated securities.” The report was released on November 18. It lauded blockchain but maintained some negative sentiment for cryptocurrency. The report called them a financial fraud as well as an illicit Ponzi scheme. This was revealed from the translations provided by Dovey Wan via Twitter.

The government of China was in the news in recent times as regards blockchain and cryptocurrency. The president of China talked about blockchain technology in October, thereby influencing the market as the price of BTC crossed 10,000 USD. Likewise in October, the leading party known as China’s People’s Party (CPP) talked about its plans to start integrating blockchain for government agencies in support of the president’s encouragement.

According to the tweets provided by Dovey, it highlights the major points of the investigative report. The major pillar of the report is “blockchain not crypto”. The shortcomings of cryptos were mentioned in the report but did not aim at a specific cryptocurrency.

JUST IN ???



Today CCTV1 (CCP official channel) featured another investigative work of “cryptocurrency” on 焦点访谈, which I would considered 60 minutes or even higher profile TV program



TL;DR – cryptocurrency is unregistered security, financial fraud and illegal ponzi pic.twitter.com/gLqIjXDsqI — Dovey 以德服人 Wan ? ? (@DoveyWan) November 18, 2019

The government of China maintains the likelihood of launching a digital currency as well as the integration of blockchain technology into its systems. Nevertheless, in recent times, the government removed Bitcoin mining from what to forbid. The government seems to accept blockchain technology but deny cryptocurrency.

It’s pretty clear to me China has no intent to embrace any public open cryptocurrency at all and that’s why it’s always a Blockchain Not Bitcoin narrative



And down the road a nationalization of related cryptocurrency infrastructure is inevitable (asic, mining, trading) — Dovey 以德服人 Wan ? ? (@DoveyWan) November 18, 2019

Featured image courtesy of Shutterstock.