The rating agency, Weiss Ratings, has reported that bitcoin would never be employed in China due to the politics prevailing in the country. According to Weiss, the crypto coin might not see any official acceptance in the nation despite a firm stance on Blockchain.
Weiss tweeted on October 28, stating, “China will NEVER use Bitcoin. Period.” As per the declaration, Bitcoin is everything the communist party of China stands against.
China will NEVER use #BTC. Period. #Bitcoin is an open, decentralized, permissionless, censorship-resistant, digital asset – antithesis of everything the CCP stands for. #crypto #cryptocurrency
— Weiss Crypto Ratings (@WeissCrypto) October 28, 2019
The tweet comes after the recent speech made by President Xi Jinping. Although the statement did not include any mention of cryptocurrencies or the crypto ban in China, bitcoin rose to enter a bullish phase by spiking up over 30%. Also, the country banned anti-blockchain statements from revolving around the networks.
