Bitcoin continues to make inroads across China. Despite a ban on trading imposed by the PBoC, there is a genuine interest in Bitcoin. Beijing Sci-Tech Report, the nation’s oldest tech publication, is now accepting cryptocurrency payments for subscriptions.
Beijing Sci-Tech Report Shocks the World
Bitcoin has gone through many ups and downs in China over the years. Its domestic exchanges were once the main source of generating cryptocurrency trading volume. That situation came to an end when the PBoC decided to outlaw fiat currency trading. It has led to an increase in OTC trades, and internet in Bitcoin hasn’t diminished in a significant manner.
This becomes even more apparent courtesy of Beijing Sci-Tech Report. The oldest Chinese tech publication shares its work through monthly subscriptions. Come January 2019, the outlet will begin accepting Bitcoin payments for a subscription. It is an unexpected turn of events, yet it shows Bitcoin isn’t dead in China.
Questions arise as to how Beijing Sci-Tech Report will deal with regulators. The regulatory scrutiny pertaining to cryptocurrency cannot be ignored. Beijing Sci-Tech Report sources confirm accepting Bitcoin is part of its attempt at promoting blockchain technology throughout China. Using cryptocurrency for “practical actions” shows the validity of Bitcoin as a payment tool.
Subscription Services Explore Bitcoin Options
An ongoing trend has become apparent in the world of subscription services. Various companies and publishers see merit in accepting Bitcoin as an additional payment method. Beijing Sci-Tech Report is not a trendsetter, albeit they are the first to do so in China.
There is also the question as to how long this option remains in place. Most of the previous publishers to accept Bitcoin have reversed their decision ever since. Cryptocurrencies can attract a new audience, yet it remains a niche market. Not all holders are intent on spending their holdings at this time.
This move shows there may be a bright future for cryptocurrency in China. An uneasy situation remains in place, as the PBoC’s stance has not changed since the RMB trading ban. It is unclear if any official regulatory measures will be introduced in the country moving forward. As organizations attempt to look into cryptocurrencies, more clarification regarding this matter is warranted.
What do you think about Beijing Sci-Tech Report’s acceptance of Bitcoin payments? Let us know in the comments below.
Images courtesy of ShutterStock