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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.

Anna Galvez

Blockchain Technology In China Got The Support Of The Ministry Of Industry And Information Technology

China’s Ministry of Industry and Information Technology expects 2018 to be another important year for investment in the blockchain technology, as in the last five months about 250 investment agreements have been registered in companies dedicated to developing technology based on the blockchain, highlighting the first quarter of this year with 68 investments in the industrial sector. All these thanks to the cryptocurrency trading that survives in China despite the strict regulations.

According to the China Money Network, the ministry reported that 250 agreements have already been registered this year, a figure that represents more than double the number of agreements signed last year, with nearly 100 investment operations carried out throughout 2017, a number that translates the interest in technology into facts.

There are currently 456 companies registered in China that are dedicated exclusively to developing blockchain technology

Of these 456 companies, 295 are focused on developing solutions for different economic sectors, while 86 companies based in China are dedicated to providing services to the financial industry, according to a report from the Chinese ministry.

In addition, the number of projects focused on building blockchain infrastructure reaches 40 startups.

However, the report states that the blockchain sector is still at an early stage, as the investments were not long-term. A fact they expect to happen later, so the bet is to increase investments.

It is important to note that Chinese officials have been studying blockchain technology development in China for years. In fact, two weeks ago they published an index that ranks the main chains of blocks in the ecosystem, based on the applicability, free access, and transparency.

Cryptocurrency trading survives in China despite the strict regulations

These efforts and reports speak about the Chinese government’s interest in taking sides in the development of blockchain technology, even though cryptocurrency trading survives the hostile policies coming from the part of regulatory agents.

It should be noted that since September 4th, 2017, the Initial Coin Offers (ICO) in China have been banned, a regulatory decision that was followed by the announcement of the closure of all national and international cryptocurrency exchange operators.

However, a government spokesman told CCTV, China’s state-owned TV station, that the ICO operations are still “rampant” throughout China despite these bans.

Anna Galvez