China to reward troops with cryptocurrency bonuses | City & Business | Finance

The unique incentive scheme would be a world first, as well as a remarkable turnaround in attitude towards digital currencies from a country that – up until two weeks ago – categorically stated it had no interests in bitcoin and its stablemates. Instead, Beijing insisted its interests were in the blockchain technology used to underpin cryptocurrencies after China’s president – Xi Jinping – had seemingly endorsed cryptocurrencies while addressing a meeting of the Chinese Communist Party’s Central Committee.

Reports of his comments appeared to send bitcoin into overdrive as the world’s largest crypto headed towards $10,000.

However, that run was dramatically halted when state-run news outlets responded with a new narrative that said China had no interest in cryptocurrencies – just the technology behind them.

“The rise of blockchain technology was accompanied by that of cryptocurrencies, but innovation in blockchain technology does not mean we should speculate in…