Will China decide to ban Bitcoin?
This is a really interesting question. But, the cryptocurrency is very popular and it will be a challenge for China to ban Bitcoin on its territory.
These days, Bobby Lee, the CEO of China’s longest-running Bitcoin exchange, found himself under the attention of Chinese regulators, again. It seems that his BTCC exchange touched a dangerous area of Chinese law. This isn’t the first time when Bobby Lee is investigated.
In January 2017, his Bitcoin exchange company was investigated by China’s Central Bank. Bitcoin is a decentralized digital currency that can be sent to any country in the world, thus it is also starting to gain popularity in China. This is the main reason why the Chinese authorities are worried.
Last year, most Bitcoin trades worldwide were in the Chinese yuan
China’s cryptocurrency market is considered to be the Silicon Valley of the East. But, the Chinese authorities don’t like it and they are starting to take action against cryptocurrencies. For example, in September, China decided to ban initial coin offerings. This is known as a fund-raising method for startups that use digital coins.
After this decision, Bobby Lee was informed by the Chinese regulators that BTCC and other Chinese virtual-currency exchanges had to close down. Bobby Lee, declared in September: “Ah, finally, the party’s over. The party has to end sometime.”
But, this didn’t stop investors to operate in China. People are able to sell digital currencies on an encrypted messaging app, called the Telegram. This messaging app is blocked in China, but it can be accessed by VPN.
Moreover, these days, some trading started to appear on WeChat, which is known as China’s most popular messaging app. To be added that China didn’t ban the mining of Bitcoins or the Bitcoin itself.