China has recently seen a flurry of blockchain activity and news after the country’s president officially endorsed the technology. Now, the official Chinese state-run news outlet Xinhua News Agency is calling Bitcoin ”the first successful application of blockchain technology”.

China’s official news outlet labels Bitcoin ”successful technology”

This news report came on November 11th, and represents a notable change in China’s policy. It is particularly seeing as the Xinhua News Agency is an official mouthpiece for the Chinese regime. Moreover, this consequently means that it appears to reverse the Chinese government’s previous hardline stance against cryptocurrencies.

Furthermore, this is only the most recent softening in China’s official cryptocurrency policy. This is something that has historically been quite murky. Perhaps the most memorable event was Beijing’s implementation of a ban on crypto exchanges and ICOs in September of 2017.

Now, however, Beijing appears to be reversing its anti-crypto position more and more. Last week, it became clear that China would not implement a ban on cryptocurrency mining, unlike some speculation suggested.

Furthermore, calling Bitcoin ”the first successful application of blockchain technology” is clearly praising the cryptocurrency. This is particularly true seeing as China recently set public goals of embracing blockchain technology.

Will America be left behind in the blockchain and crypto race?

Specifically, China is now set to dramatically boost its blockchain adoption measures. This comes after the Chinese president, Xi Jinping, last month said that the Asian nation would accelerate blockchain adoption massively.

As such, officially comparing Bitcoin to blockchain technology – which appears to have the Chinese governments stamp of approval – suggests the premier cryptocurrency also appears to have won favor among Chinese authorities.

In related news, the well-known Galaxy Digital founder and hedge fund manager Mike Novogratz has recently made similar statements. According to Novogratz, the US could quickly find itself losing the crypto and fintech race as other nations accelerate their blockchain efforts.

Furthermore, Novogratz said that China’s latest efforts to embrace blockchain will rapidly outpace the US’ own blockchain development. As such, Novogratz also went on to urge the US to themselves speed up its transition to a ”digital world”.

”And if we don’t transition to a digital world that will change. We are way behind on a crypto USD. China is coming. And coming fast. They are way ahead in fintech. Their President just publicly claimed his support to all things blockchain. We risk losing our reserve status.”