A new 200-page manual with a title “Digital Currency: A Reader for Cadres” has been officially put to force in China due to the huge demand and the increased interest from China and the government amid confusing regulations on cryptocurrencies. Before this, the digital currency manual has seen shared interest both from the public and from officials, which is why the new update has been released.
As you probably know if you read our crypto news before, the handbook was initially released in November and includes a set of 23 articles, starting from the basics of digital currencies as well as their impact on global finance. One Bloomberg reporter named Yinan Zhao who covers the Chinese economy commented the digital currency manual and said:
“It is actually a collection of published articles by officials and researchers on digital currencies. The views expressed in the book are not new. I think it meant to be a one-stop shop sort of thing for officials to get their head around on the concept.”
According to officials from the Chinese Communist Party, there is interest in digital currencies given the launch of the second printing after just three months from its release. The book cover describes cryptocurrencies as “inevitable in the course of history” and adds that the articles are presented in the “hope to help Party cadres that depend their understanding” of the technology.
The digital currency manual is an interesting topic in the Bitcoin news now mostly because China has had a confusing stance on cryptocurrencies and blockchain ever since their popularization.
The government also changed its attitude the following year and released a primer on blockchain technology in August 2018. The digital currency manual was the first attempt to educate the officials in China on the merits and pitfalls of distributed ledger technology, with the main aim of fostering healthy growth. As we reported back in 2019, the country was reported to be a worldwide leader in terms of the number of blockchain projects.
At the end of the day, China is still largely hostile to Bitcoin (BTC) and cryptocurrencies even despite the gradual thawing. Ever since 2018, the People’s Bank of China (PBoC) and its representatives considered cryptocurrencies as inevitable.
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