The writer of this article also writes for Decrypt and has worked for Consensys. She also appears to be closely following the development of the whole cryptospace in China.
This article is fudless and more of a speculation on what might occur in the next few months regarding mining in China, on exchanges offering leveraged positions for speculative investments, financial fraud and the future of the cryptospace in China after the policy changes.
For hundreds of years preceding the early 20th century, China’s emperors banned international trade and cloistered the country from the rest of the world. The so-called “closed-door” policy (闭关锁国) was partly a response to the Opium Wars with the British, who had been ruthlessly peddling the drug throughout the previous century and had addicted as many as 12 million people in the country.
Though crypto is hardly as addictive as opium, the current regime in China appears to be treating it with similar contempt. Last week, He Liu, the Vice Premier who also leads the State Council, explicitly denounced crypto mining and trading as a financial risk that would destabilize the country’s economy.
As a result, large crypto mining firms halted operations and began to look for new homes abroad. Huobi and OKEx, two of the largest exchanges that serve investors in China, also suspended pool mining and leveraged trading activities there.
Is this the beginning of the “Crypto Wars” in China? Or is it just another example of the FUD that tends to waylay every crypto bull run? This week’s da bing examines both Liu’s statement and reaction from the local crypto community and proposes three plausible scenarios for how it all will play out.
Read in full https://shuyao.substack.com/p/heres-how-chinas-crypto-fud-will
Topic: [2021-06-02] Here’s How China’s Crypto FUD Will Play Out - page 2. (Read 192 times)
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