Official media is curious about "the number one asset of cryptocurrency". Is this good news for the cryptocurrency world?

Along with Cankao Xiaoxi reposting the news from Bloomberg: "Cryptocurrency becomes the "number one asset" this year", Xinhua News Agency and CCTV Finance reposted it. The positive reports on cryptocurrency by official media have made the Chinese cryptocurrency community, which has been suppressed by regulation, applaud and repost it.

Wu said that the official media's reprinting is more of a curiosity. Bloomberg is used to calling for cryptocurrencies, which is well known, but what is the style of Reference News? For a long time before the reform and opening up, Reference News has been a window for ordinary Chinese people to read about overseas events, and its style is mainly to report on overseas curiosity events.

"Reference News" is a newspaper under the Xinhua News Agency. Most of the content of Reference News is reprinted by Xinhua News Agency, so the Xinhua News Agency headline reprinted it twice.

The third round of dissemination came from CCTV Finance. CCTV Finance has been paying attention to cryptocurrencies for a long time, and mainly focuses on the ups and downs. When the price of Bitcoin exceeded 10,000 after the halving, CCTV Finance also reported extensively. And when it plummeted before, the content was also very sharp.

Shenchao made an interesting statistics on CCTV's coverage of cryptocurrencies. On July 12, 2017, CCTV reporters went into the mountains to conduct an in-depth investigation of Bitcoin mines. Since then, CCTV has begun to intensively report on Bitcoin. On August 9, CCTV2 broadcast the "Global Financial Connection" column to explain the price trends of Bitcoin and other digital currencies. On September 4, the central bank issued a document to clearly stop the issuance of tokens for financing, that is, the 1CO ban. "CCTV Reports on Cryptocurrency Statistics"

To get back to the point, to understand the signal value of official media, we must first understand their ecology.

There are two characteristics of China's official media ecosystem.

First, the political field is extremely rigorous, while the economic field is relatively open. In other words, reports in the political field can be seen as interpretations of official signals, but this is not the case in the economic field. The competent departments in the economic field are also relatively open and allow discussions of different opinions. Accurate signals should come from the statements of the competent personnel or departments.

Second, the official media has become collectivized and market-oriented, with many channels and columns. Xinhua News Agency's independent reports can represent official signals, but Reference News cannot. CCTV News Network can represent the official voice, but the financial channel cannot.

In summary, this round of reports is just the curiosity of the official media, and no signal from the regulators can be seen. In comparison, the previous article by the central bank’s supervisory agency, China Finance, truly represents the regulator’s views on the cryptocurrency industry and is worth reading carefully. (The director of the Central Bank of China revealed that the Securities Law had discussed the dawn of ICO compliance?)

The core contradiction of the current cryptocurrency industry in China is whether the regulatory boundaries can be slowly opened up, otherwise mainstream exchanges and OTC dealers are still trembling with fear. At present, the regulation remains at allowing individuals to hold and trade between individuals, as well as a vague tacit attitude towards mainstream exchanges. In the future, whether licenses can be opened to relevant institutions, and the boundaries of compliant digital currencies and assets can be clarified, such as New York State allowing a series of digital currencies to be legal, is the compliance path we hope to see. (Will your USDT explode? New York State has approved multiple stablecoins but no USDT) (Author: Colin Wu)

▼ ▼ ▼