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The government’s policies have the most effect on how these firms do their business. While the country has banned ICOs and crypto trading a long time ago, China seems to still favor the use and further development of blockchain technology. The country’s president, Xi Jinping, praised it’s potential to allow China to make significant economic breakthroughs if used properly.
While the ban is certainly bad for Crypto - even reduction of BTC by 10-20% is huge as it`ll drop other coins as well, it is still good to know that they don`t abandon Blockchain tech altogether.