China’s Oldest Tech Magazine to Accept Payment in Bitcoin

Beijing Sci-Tech Report- China’s oldest tech media outlet, has announced it will start accepting payment in cryptocurrency for its 2019 subscriptions, Guangming news outlets reported earlier.

Reportedly, Beijing Sci-Tech Report will be the first media outlet in the state to accept digital money as means of payment, which is considered “surprising” in the light of the Chinese stance of cryptocurrency, observers read.

It is worth mentioning that in September the last year, the People’s Bank of China, along with other government bodies, announced that initial coin offerings (ICOs) violated Chinese law.

Authorities showed concerns over “illegal sale of tokens, illegal securities issuance and illegal fund-raising, financial fraud, pyramid schemes and other criminal activities,”

Which pushed them to officially prohibit the fundraising practice throughout the country.

In its turn, the China National Internet Financial Risk Rectification Office decided last August to block internet access to over 124 different websites involved in cryptocurrency-related activities, which were accused of “providing information related to ICOs and publishing ‘hype’ surrounding cryptocurrency trading,” being considered violating Chinese law.

The media reported that Beijing Sci-Tech Report took this step to “promote blockchain science through practical actions.”, as per the announcement.

The Magazine Could Be Violating the Law

Market researchers find that the announcement might expose the Beijing Sci-Tech Report to the risk of violating the Chinese law.

In response, China-based crypto news outlet cnLedger reminded that while ICOs and cryptocurrency exchanges are still illegal, simply owning, investing in, and using cryptocurrency to make purchases is completely legal.

The Beijing Sci-Tech Report mentioned as well that customers who wish to pay for their subscription in bitcoin will be charged 0.01 bitcoin (approximately 450 yuan), adding that it (the magazine) will compensate for the price rate difference by the end of the year, provided the price of bitcoin increases during the subscription year.

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