It is Hard, but China could Love Cryptocurrencies again?
Jan 06, 2018 Posted / 1835 Views
Most of the time when we visualize ‘Bitcoin banning’, and our minds are automatically directed to China. The Asian superpower has been vocal in its disparagement for the cryptocurrency industry. It has proved hugely that its crunch is indeed shoddier than its woof; it debarred ICOs and locked down Bitcoin exchanges.
If we talk about, BTCC, which is regarded as the country’s longest-running Bitcoin exchange, and one of the first to be included in the firing spots, however, has still hoped in the government and its policy change. According to the reports by CNBC, the CEO and co-founder of the platform, Bobby Lee, believes that China will alter its mind and veto its preceding crypto bans.
He was reported as saying that, “In this world, nothing is ever permanent. One day I think it’s possible they’ll lift the ban, so called, and they might reinstitute it and license it.” How much Lee finds affirmation and positivity that the stance might change, he doesn’t have an exact date as to when this might happen. And, even he admits to this thing that he is not sure as to what time frame that is, whether it’s a few months, a few years or even a few decades, so it’s hard to tell.
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Lee also made an indication to the verity that Bitcoin was not only apparently undaunted by China’s bans, it, in fact, made the currency perform even better. The more the governments and the regulators tried to push forward and clutch on Bitcoin, the more it was witnessed that Bitcoin was found more flexible.
Many of the countries are not completely banning cryptocurrencies directly, and are instead convulsing regulatory frameworks. South Korea is purportedly set to forbid unidentified consumer accounts used in crypto trading. However, Lee might be on tenterhooks for a Chinese change in policies, the country itself demonstrates no confirmation of this idea. In fact, one of the leading daily newspapers, the South China Morning Post reported that the People’s Daily, which is also a puppet publication of the Communist Party, had this to say, irrespective of whether it is appraised on price or value, Bitcoin is flooded with froth.
Lee has elaborated and discussed his hope that China needs to change its mind, however, he also conversed about Bitcoin’s potential price journey for this year. He told the media that at present the company is just involved in only 1,800 Bitcoin (the average mined every day). This at some time back used to be quite high and 7,200 lately (figures as five years ago). So, in the just short span of time, maybe two-and-a-half more years, we might witness that the supply may go down again to only 900 bitcoins a day.
Lee is at present not in the exchange business, and concentrating rather on other ventures including working on Mobi, which is an international multi currency crypto wallet “so we have a global play for wallets and we’re no longer focused on just being an exchange business,” Lee explained
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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