China Might Eventually Give In To Pressure And Lift The Cryptocurrency Ban

Just 8 months after China was featured in a discussion involving its ban on cryptocurrency trading, rumors are mounting regarding the second-largest economy in the world, one that could ditch the cryptocurrency ban and make a 180-degree twist. According to a Chinese newspaper, the Chinese people stated that the crypto ban is too strict and a cryptocurrency regulation on the models already adopted by the US or the European Union might be more appropriate.

There is a growing belief that simply saying no to Bitcoin will not be the final solution to the problem of cryptocurrency. A more fundamental approach would be to adopt the new technology without compromising the country’s financial system.

The naming of a new Central Bank of China Governor, which happened in March, raised questions about softening the country’s official position regarding the cryptocurrencies market.

China has been an important asset in the cryptocurrencies world and, hopefully, it will return to that status

Before March, however, some rumors were talking that, upon a discussion between China’s Central Bank and Huobi, Chinese official started to rethink their approach regarding cryptocurrency exchange, indicating that these operations with cryptocurrencies might be reopened in China, eventually.

Although many people in China are actually very inventive in bypassing the cryptocurrency ban, China is in a tricky situation because on the one hand, it would like to take advantage of this new technology but, on the other hand, it would like to see cryptos implementation to be done following the China’s principles, namely, nationalism and protectionism.

Many cryptocurrencies networks were created as China has always been a very significant player in the crypto-verse until this country turned around and eventually compromised the success of many.

Even more, more and more people, even outside of China, are saying that the Chinese cryptocurrency ban is an insult to all those people who contributed to the technological gains China registered in the last decade, which include blockchain and cryptocurrencies.

You might like

About the Author: Anna Galvez

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.