UPDATE: CoinTelegraph has been informed that the annoucement, on which the following article is based, was originally published in People’s Daily, the official newspaper of the Chinese Communist Party with the CAC reposting it on their website. So while the article doesn’t represent the opinion of the CAC, the People’s Daily is a major publication in China, whose main readers are Chinese officials.
While many media outlets and financial experts have pointed to the large influx of funds from China to Western bitcoin exchanges as the cause of the recent bitcoin price spike, China’s Internet watchdog has announced that it can no longer “ignore its revolutionary changes” announcing that we have entered the “post-Bitcoin era.”
Now it appears that China’ law enforcement and government agencies’ approach toward the cryptocurrency demonstrate may be easing. Based on recent events and publications from the Cyberspace Administration of China, the government seems to have tacitly authorized the use of bitcoin and operations of bitcoin startups and exchanges.
In a newly released publication, the CAC noted that the United States Commodity Futures Trading Commission (CFTC) officially defined bitcoin as a commodity and that its bank regulators stated that bitcoin will promote economic