There is no question that China is a big market for anything and if this market can be developed well its power and influence can be felt for good. I believe that China can be a good contributor outwards the overall success of the cryptocurrency movement. Do you think we should welcome China again to the Bitcoin market?
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Future of Cryptocurrencies in China
It is important to note that this ban is, most likely, temporarily. The fact is that China had already banned Bitcoin trading in 2013 and this year imposed a 4 month freeze on exchanges due to security issues. Regardless of the events, the Public Bank of China is very interested in distributed ledger technology, having devised a five-year development plan that focus on researching and developing blockchain technology. Not only that but according to some reports the Chinese government is also developing and testing their own state cryptocurrency.
In a closing note, there are now rumors that Bitcoin exchanges might be reopening. This speculation was felt in the market, with Bitcoin prices surpassing the previous all-time high of $6300. Reports indicate that the policies forbidding crypto trading were examined in the 19th National Congress of the Communist Party of China and that they might be lifted. It was also speculated that a new Chinese cryptocurrency platform, speculated to be controlled by the Chinese government, might be up and running by the 1st of November. Read more here...
It is important to note that this ban is, most likely, temporarily. The fact is that China had already banned Bitcoin trading in 2013 and this year imposed a 4 month freeze on exchanges due to security issues. Regardless of the events, the Public Bank of China is very interested in distributed ledger technology, having devised a five-year development plan that focus on researching and developing blockchain technology. Not only that but according to some reports the Chinese government is also developing and testing their own state cryptocurrency.
In a closing note, there are now rumors that Bitcoin exchanges might be reopening. This speculation was felt in the market, with Bitcoin prices surpassing the previous all-time high of $6300. Reports indicate that the policies forbidding crypto trading were examined in the 19th National Congress of the Communist Party of China and that they might be lifted. It was also speculated that a new Chinese cryptocurrency platform, speculated to be controlled by the Chinese government, might be up and running by the 1st of November. Read more here...