In China, central media institutions—such as CCTV, People’s Daily, and Xinhua News Agency—play a pivotal role in shaping public perception and policy narratives. When it comes to emerging technologies like blockchain and digital currency, their coverage often serves as a critical signal, especially in the absence of immediate regulatory clarity. In recent years, these authoritative voices have increasingly turned their attention to blockchain, offering not just news but subtle guidance on how the technology should be perceived and developed.
This growing media focus isn’t merely anecdotal—it reflects a strategic shift in how China views the future of digital infrastructure, financial innovation, and technological sovereignty.
CCTV’s Evolving Narrative on Digital Currency
CCTV2, the financial and economic channel of China Central Television, has become a consistent observer of global cryptocurrency trends. While maintaining a cautious stance toward speculative assets like Bitcoin, its reporting has grown more nuanced over time.
For instance, in early 2019, CCTV2’s First Time program discussed Bitcoin and even recommended the book Crypto Assets—a move that sparked excitement across the blockchain community. This wasn’t an isolated incident. On January 10, 2019, the Economic Information Bulletin covered a story about six tobacco shops in Paris beginning to sell Bitcoin at counters, allowing customers to purchase small amounts (€50–€250) with receipts linked to digital wallets.
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While this highlighted international adoption, CCTV balanced it with critical analysis. At the end of 2018, it listed “the collapse of virtual currencies” among the top ten global economic events—a clear nod to market volatility. Then, in a New Year interview on January 1, 2019, Zhang Jianping, Deputy Director of the Academic Committee at the Chinese Academy of International Trade and Economic Cooperation, emphasized that Bitcoin’s price swings were driven primarily by speculation rather than intrinsic value.
These reports collectively suggest a dual perspective: awareness of global trends, coupled with strong caution against unregulated financial risk. Yet, the very act of sustained coverage signals growing institutional interest in the underlying technology—blockchain—beyond just cryptocurrency speculation.
People’s Daily: Advocating for Blockchain Innovation
As the official newspaper of the Central Committee of the Communist Party of China, People’s Daily carries significant ideological weight. Its tone toward blockchain has been notably progressive, focusing on technological empowerment rather than financial speculation.
On January 1, 2019, it published an article by science fiction writer Han Song titled New Sci-Fi from the East. In it, he argued that modern scientific breakthroughs—like quantum spin Hall effect and blockchain—have outpaced even imaginative literature. He urged creators to deepen their understanding of advanced technologies and explore their philosophical and ethical implications.
This was followed by another piece on February 1 titled Technological Iteration Unlocks Infinite Imagination, which positioned blockchain, along with AI and big data, as part of a new wave of "mega-media technologies" transforming content creation and distribution.
Even more impactful was its reporting on blockchain’s role in social development. An article titled Internet Technology Helps Alleviate Poverty highlighted how blockchain-powered traceability platforms—developed by Ant Financial—are being used in Sichuan Province to track honey production. Every step—from farming to logistics to quality inspection—is immutably recorded, giving agricultural products a tamper-proof digital identity.
This real-world application underscores blockchain’s potential beyond finance: enhancing transparency, building trust in supply chains, and empowering rural economies.
Moreover, in August 2018, People’s Daily Publishing House released Blockchain: A Reader for Leading Cadres. The book compiles essays from leading technologists and economists, advocating for:
- A developmental view of blockchain technology
- A scientific approach to understanding its applications
- A strategic vision for national competitiveness
- A cautious mindset toward commercialization
It concludes with a powerful call: promote healthy growth of the blockchain industry so it can genuinely serve people's lives.
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Xinhua’s Balanced Take: “Not Ignoring, Not Dismissing”
Xinhua News Agency, China’s state press agency and de facto regulatory voice in media discourse, has offered some of the most balanced and influential commentary on blockchain and digital currencies.
In November 2018, Xinhua published a dispatch titled Bitcoin Keeps Falling—Has the Cryptocurrency Bubble Bottomed Out? It acknowledged Bitcoin’s origins in the aftermath of the 2008 financial crisis—a decentralized alternative born from distrust in traditional systems. More importantly, it made a crucial distinction:
“Blockchain” is the underlying technology supporting Bitcoin—and while Bitcoin may be volatile, blockchain itself holds immense application potential.
The editorial stance was clear: do not ignore the risks of digital currencies, but do not dismiss the promise of blockchain either. This “neither neglect nor reject” position became a foundational principle for subsequent discussions.
Then, on January 15, 2019, Xinhua released another landmark article: Blockchain at a Crossroads. Marking roughly a decade since Bitcoin’s inception, the piece framed blockchain as a maturing technology facing identity questions—much like any young innovator.
It poetically observed:
“Mature technologies often look unappealing in their youth.”
By humanizing blockchain’s turbulent adolescence, Xinhua conveyed patience and long-term vision. It encouraged open-ended exploration—not definitive conclusions—about where the technology might lead.
Why Does Central Media Attention Matter?
For industry professionals, the significance lies not only in what is reported—but who is reporting it.
In an environment where regulatory frameworks are still evolving, central media serves as a proxy for policy sentiment. Repeated coverage from trusted national outlets:
- Legitimizes blockchain as a topic worthy of serious discussion
- Signals tacit approval for research and development
- Warns against unchecked speculation without stifling innovation
- Guides public opinion toward practical use cases over get-rich-quick mentalities
This is particularly vital in China, where state media often previews or aligns with upcoming policy directions.
Frequently Asked Questions (FAQ)
Q: Is China supportive of cryptocurrency?
A: No—China bans cryptocurrency trading and initial coin offerings (ICOs). However, it distinguishes between speculative digital currencies and blockchain technology, which it actively promotes for enterprise and governmental use.
Q: Does China have its own digital currency?
A: Yes. The People’s Bank of China is developing the Digital Yuan (e-CNY), a central bank digital currency (CBDC) aimed at modernizing payments and strengthening monetary control.
Q: How is blockchain being used in China today?
A: Applications include supply chain tracking (e.g., food safety), intellectual property protection, cross-border trade documentation, and government data management—all emphasizing transparency and anti-fraud measures.
Q: Can individuals invest in blockchain projects in China?
A: While direct crypto investments are restricted, individuals can engage with blockchain through tech education, academic research, or employment in state-approved digital economy initiatives.
Q: Are foreign blockchain platforms allowed in China?
A: Most international crypto platforms are blocked. However, permissioned blockchain networks that comply with Chinese regulations—especially those supporting industrial digitization—are welcomed.
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Conclusion: A Strategic Technology with State-Level Vision
The repeated engagement of China’s central media with blockchain and digital currency topics since 2018 reveals more than journalistic curiosity—it reflects a coordinated effort to educate, guide, and shape technological development.
While Bitcoin may come and go in headlines, blockchain remains firmly in focus—not as a tool for speculation, but as infrastructure for trust, efficiency, and national digital strategy.
From poverty alleviation to media innovation to financial modernization, blockchain is increasingly seen as a foundational layer of China’s digital future. And when the state media speaks frequently and thoughtfully on such matters, it's not just reporting news—it's helping to write the future.
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