China’s Beijing Sci-Tech Report (BSTR) Starts To Accept Bitcoins For Payments
Beijing’s oldest technological publication Sci-Tech Report’s “Technology life”, recently announced that they would be accepting Bitcoin for the 2019 issue edition of the publication. In the statement released by the publication, they are taking this step to help in Bitcoin adoption to the masses.
The publication announced that the price of “Technology Life” is 0.01 bitcoin (BTC) for a year of subscription. Subscribers can pay subscription fees to the specific bitcoin receiving address of the newspaper to complete the subscription. In doing so, they become the first media in Beijing that accepts Bitcoin.
If the price of Bitcoin grows significantly by 2020, it will offer refunds to those who have subscribed using the digital currency. A translated BSTR statement explains that the publication hopes to “cultivate new readers” by embracing the payment technology.
They might be the first publication in Beijing to accept cryptos, but a few others had preceded China’s oldest science and tech publication. Beijing Sci-Tech Report is not the only publication that has tried to entice readers by accepting cryptocurrencies.
Back in 2014 Time Incorporated announced accepting BTC through Coinbase for subscriptions to Fortune, Good Health, Travel and Leisure, and This Old House. In April 2014, the Chicago Sun-Times also revealed it would accept BTC for payments. However, both publishing companies have since removed the BTC payment option. Beijing Sci-Tech Report being a technology-oriented magazine may have better luck than its periodical antecedents.
Even though there is a blanket ban of cryptos in China, a report by the Xinhua News Agency has shown it is possible to circumvent it. It shows that even though the government of China has been trying to crack down on illegal financing through ICO, investors and companies can bypass the law through foreign shell companies and other ways.