Cryptocurrency is being praised in the country of China by several major Chinese media outlets. According to a tweet from 8BTCnews, the China Central Television (CCTV) has called cryptocurrency the best-performing asset of the year 2020 as it has surpassed both the safe-haven asset gold (XAU) as well as the United States (US) Stock Market.
Cryptocurrency shows a 70% growth
As per the report of China Central Television, cryptocurrency has shown a growth of 70% during the year 2020 so far and has surpassed the other investment products such as US stocks and gold in this case. Therefore, according to CCTV, cryptocurrency is the best-performing asset of the present year.
On the other hand, the entrepreneur and cryptocurrency investor Dovey Wan has also stated the same thing in a tweet. She said that not only China Central Television has praised cryptocurrency but the other Chinese media outlets have also acknowledged the digital currency. According to her, this is an “interesting propaganda”.
A big thing for the cryptocurrency industry
Changpeng Zhao (CZ), the founder and Chief Executive Officer (CEO) of the leading digital currency exchange of the world Binance, says in response to this whole scenario that it could be a big thing for the cryptocurrency industry.
While on the other hand, some people in the cryptocurrency community believe that this sudden acknowledgment for cryptocurrency in China might be because of the fact that the country is introducing its own central bank digital currency (CBDC) known as Digital Yuan. The central bank of China is successfully conducting trials of DCEP across major cities of the country as well as with banks and corporations such as Tencent and DiDi as well.
The development of the Digital Yuan has already been completed and now the Chinese central bank is making preparations for the launch of its digital currency. Though there is no official date announced yet for the release of the digital yuan, it is expected to launch the next year in 2021.