Readers can now enjoy the service of the oldest tech publication firm in China using cryptocurrencies. A measure adopted to expand the reach of its readership, however a stance against the position of the Chinese government on cryptocurrency.
New Subscription Model
Tech lovers, readers, enthusiasts and innovators in China and beyond that holds cryptocurrency can now enjoy the service of the oldest tech publication firm in China, Beijing Sci-Tech Report (BSTR).
Beijing Sci-Tech Report (BSTR) made this known in an official press release that it would be accepting subscription payment in cryptocurrency from 2019. The charge would be in the value of 0.01 Bitcoin, about 450 Yuan or US$65 at the present rate.
The firm noted the reason for the choice of cryptocurrency payment for subscription is as a means to promote blockchain technology in the real world setting for the practical action.
Also, the new method of subscription is aimed at expanding the reach of the firm to attract new readers of the publication. The service offered in cryptocurrency is enough to stimulate cryptocurrency enthusiasts and holders to patronize the service of the firm.
Meanwhile, the BSTR publication has been actively publishing about cryptocurrencies and blockchain technologies in a measure to promote the use and wide adoption of the industry.
Interestingly, the firm has promised to return the value of subscription made by subscribers in the eventuality of drastic price surge of cryptocurrency in 2020.
Chinese Government Stance On Cryptocurrency
The Chinese government sees cryptocurrency as a special commodity and not a currency. This has stimulated a continuous clamp down in cryptocurrency related activities in the country.
Notably, bank accounts associated with cryptocurrencies are frozen by the financial regulatory body in the country. Also, there has been a ban on cryptocurrency activities such as ICOs, from holding in the country.
Further, tech firms that were involved in cryptocurrency payment in the country have ceased to offer this service due to the government ban on transactions related to cryptocurrency in the country.
The template of the government stance on cryptocurrency makes the decision of BSTR illegal. The government’s decision on the latest plan of the firm is not yet known.
Also, a hotel named Ethereum hotel, located in the Sichuan province also announced its plan to start receiving payment in Ethereum recently, a decision that could incur the wrath of the government.
BSTRs’ step is not the first in the cryptocurrency industry; Time Incorporated started accepting Bitcoin for subscriptions to Fortune, Travel and Leisure, Good Health, and This Old House in 2014. Also, Chicago Sun-Times in 2014.
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