Cryptocurrency

1459 Words6 Pages
As the rise of Bitcoin and other cryptocurrencies generates new conversation and new changes for the global economy, it is perhaps unsurprising that many governmental systems are beginning to enact laws surrounding the use and flow of these systems. Among these governments is that of China, which over the first two months of 2018 has enacted several laws and restrictions to disable the flow of cryptocurrencies and ban “mining”, an energy-inefficient process that keeps cryptocurrencies growing. Following these changes have come multiple articles nationwide reporting the events and changes, but while the core news and facts are largely the same, the particular styles and selective coverage of these articles sheds light on the cultural biases…show more content…
While the conception of self-orientation encompasses a somewhat broad range of views and norms, two that stand out are the culture’s attitudes toward individualism and personal responsibility. A Chilean article posted on Emol whose title translates to “China advances in its intense fight against cryptocurrencies, especially against Bitcoin” reports the restrictions on Bitcoin by the Chinese government, framing it in a global context in a way that reveals the author’s attitude toward these two…show more content…
EX & Co explains these forces as “representing factors with the potential to influence the ways in which vultures develop and maintain their differences yet change over time” (23). Among these forces is the influence of history and how historical events can shape a culture’s values and beliefs. In regards to China’s actions toward cryptocurrency, a U.S. article in Fortune titled “This Is How China Is Stifling Bitcoin and Cryptocurrencies” shows a clear bias against government intervention as shown by frequent usage of wording with negative connotations including “cracking down”, “government mantra”, and “clampdown”. Additionally, in response to the self-posed question “Is China anti-cryptocurrency?”, the article responds, “Hardly…The People’s Bank of China has run trials of its own prototype cryptocurrency.…China’s vision…seems to be based more on taking full control of such transactions in contrast to the libertarian aspirations of Bitcoin.” This phrasing is significant because its positioning of China “taking full control” against Bitcoin’s “aspirations” clearly favors the model of economic movement independent of governmental regulation. In other words, the American article’s bias reflects the country’s steep history of both capitalism and independence idolization; even after the Great
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