This week China’s oldest and most respected science and technology magazine Technology Life (also known as Beijing Sci-Tech Report or BSTR), announced it will accept Bitcoin as a payment method, beginning with subscriptions for 2019. The magazine’s announcement flies in the face of the ultra-negative cryptocurrency stance currently taken by the Chinese authorities.
Beijing Sci-Tech Report (BSTR) – popularly known simply as “Technology Life” – is China’s oldest and most reputable science and technology magazine, having reputedly first been published in some form more than 150 years ago. While it may be the oldest publication of its kind, this week Technology Life proved it is indeed up to speed with modern technology and innovation by becoming the first media organization in China to accept cryptocurrency as payment.
This announcement has been seen as an acknowledgment of Bitcoin as a legitimate form of monetary currency, accepted by one of the most revered and respected media forums in China. It comes at a time when some of China’s largest companies are siding with the government and putting out anti-crypto rhetoric in the forms of advertising and publicity.
Technology Life Price In BTC
Beijing Science and Technology News announced that the price of a subscription for “Technology Life” in 2019 will be 0.01 Bitcoin (BTC) for 12 issues, which is approximately 450 yuan ($65.50). In an official statement on the Technology Life website, it was stated that:
“In the past two years, blockchain as a new Internet technology has become an increasingly popular concern. Bitcoin, which was born in 2009, is currently the most widely used cryptographic digital currency in the world, using the distribution of many nodes in the entire network. The database is used to identify and record all trading behaviors, and the use of cryptography to ensure the security of all aspects of currency circulation is the best practical application of blockchain technology so far.”
“Beijing Science and Technology News is the oldest technology media in China. It is committed to providing cutting-edge scientific and technological information, in-depth scientific interpretation of hot topics and rich information on science and technology education. Its “Technology Life” introduced the United States with nearly 150 years of history in 2015. The popular science journal “Popular Science” copyright content, and plans to launch a Chinese-English version in 2019.”
China – A Nation In Love With Magazines
While Technology Life can apparently trace its roots back to the mid-19th century, in general the magazine culture is a relatively new phenomena in China, only really being available in any great variety and number from the late 1980s. The market – particularly for women’s magazines – soon exploded, and ever since, China has remained a nation that devours magazines, both in traditional print form, and in recent years, via digital editions.
Should some of these magazines follow the example laid down by Technology Life and also accept payment in cryptocurrency, it will be a small but important step toward the Chinese authorities relaxing their current hardline stance on digital currency, and potentially opening up what would likely be the biggest cryptocurrency market on the planet.