This news is similar to the news of of India's top bank exploring blockchain technology, once again they are going after technology not after the coin. Now it is evident that they think by creating a blockchain type technology they can overthrow the popularity of Bitcoin. It was bitcoin that made people use blockchain and not otherwise. When will these people learn and just straight away give credit to Bitcoin and just accept it as a form of currency. I hope China takes a bold step and just accept bitcoin, though a long way but let's hope for Best.
I doubt they- the governments would be very willing to give Bitcoin all the credits it deserves, because that would mean shooting themselves in their legs and their local currencies would be worse off. Nevertheless, Bitcoin is already mainstream and there is no way they can deny it or just look the other way. If they do get to wherever they're headed, at the end of the day, it would be Bitcoin against the rest, if it is not Bitcoin, it certainly is not Bitcoin!
What choice do they have? If they react negatively towards Bitcoin, people will just go underground with it. You know the story about
the forbidden fruit, well this applies to Bitcoin too. We have come to far {globally} to be stopped now, and they know this. If they
react now, people will be drawn to Bitcoin, like flies are drawn to shite.
