Bank of China Releases Bitcoin Infographic

Asia Blockchain Review
August 7, 2019

The Bank of China, one of the largest state-owned commercial banks in China, has published on its website an infographic detailing the history of Bitcoin, its economic impact, and the implications of cryptocurrency, culminating in Facebook’s Libra coin announcement.

Charting Bitcoin’s Journey from Beginning to Present

According to a report by Cointelegraph, the infographic published on July 26th showed the beginnings of Bitcoin — its whitepaper released in 2008, the first Bitcoin mining in 2009, purchasing goods with Bitcoin in 2010, key events for the cryptocurrency, and Facebook’s recent announcement of Project Libra.

The post came as a surprise to many in the crypto community, as Chinese regulators have recently been characterized as hostile towards cryptocurrencies.

Blockstream CSO Samson Mow said in a Twitter post, “Yesterday, the Bank of China posted up an article about Bitcoin […] They explained how BTC works, why the price is going up, and why it’s valuable. Never thought I’d see that happen. #Bullish”

The Pros and Cons of Bitcoin

Though the infographic mentioned factors contributing to the higher value of Bitcoin, it also addressed negative issues, from the complicated process of mining to its limited supply. Moreover, the Bank of China noted that the virtual currency is also relied on as a safeguard against inflation.

This idea echoes sentiments by Anthony Pompliano, Co-founder of Morgan Creek Digital Assets. Pompliano predicted that the changing policies of the European Central Bank’s will become “rocket fuel” for Bitcoin.

Source: https://cointelegraph.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Central Bank of France: Blockchain Can Answer Market Demands
The first deputy governor of the Central Bank of France says that blockchain can be implemented to c...

December 5, 2019

Red Cross Developing Blockchain-Based Currency for Aid Distribution
Three national units of the Red Cross plan to use blockchain-based currencies instead of cash and vo...

December 5, 2019

Australia’s Monash University Launches Blockchain Research Center
Australia’s Monash University has unveiled a research center that will focus on blockchain innovatio...

December 4, 2019

JPMorgan Tests Blockchain System for Tracking Cars
JPMorgan is developing a blockchain-based system to track the automobile inventory of car dealers ob...

December 4, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us