China Cryptocurrency Ban
The Ban of cryptocurrency exchanges and initial coin offering (ICO) in China has left most cryptocurrency enthusiasts out of bitcoin’s historic rally in recent months.The Chinese Government took this decision with a view of protecting it citizen from the unstable and unregulated cryptocurrency space which has witness some sort fraudulent activities perpetrated in recent times.But it didn’t take long for them to find something new to pour their money into.
Wankebi also known as onecoin designed by Chinese tech company Xunlei. Since its launch in mid-October, Wankebi value has jumped dramatically in secondary markets—at one point more than 80-fold, according to several reports (link in Chinese).
Read More:https://bitzamp.com/wankabi-the-hottest-cryptocurrency-in-china/
This is crazy. What is the point of banning Bitcoin if they allow other cryptocurrencies to exist freely in China? Do they believe they can control Wankebi, while they cannot control Bitcoin?
Seems exactly like China banning Facebook and Youtube, while allowing home grown versions to flourish.
