Samson Mow of Blockstream has noticed that standard monetary news sources in China are reporting about Bitcoin and crypto in spite of an across the country business boycott. Is the Chinese government at long last mellowing on crypto for sure?
IS CRYPTO FEVER FINALLY SETTING IN?
China’s dictator government might be mellowing their position on crypto, since President Xi Jinping turned out openly on the side of blockchain innovation. China has had a business boycott set up excepting trades, and monetary establishments structure participating in crypto exchanges, just as closing down the WeChat records of a few crypto-related news outlets. The extra restriction on crypto news outlets was purportedly to forestall trick ICO’s being promoted to Chinese residents.
China’s boycott has been set up since 2018 and since it was sanctioned Chinese brokers have utilized different strategies to get around the crypto boycott. China’s crypto fans and dealers have utilized online networking applications like wechat to exchange p2p secretly in visit rooms, despite the fact that the movement has been diminished in enormous part by specialists.
Samson Mow, CSO of Blockstream and long-time Bitcoin Twitter personality, has recently commented on what seems to be a reversal in China’s policy towards cryptocurrency in official financial media outlets.
China’s Securities Times newspaper published an article about Bitcoin’s 45% gains this year and achieving a new yearly high of $10,200. This is a mainstream Chinese publication, with a very wide audience.10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!
Considering the attitudes Chinese authorities have had in the past towards both Bitcoin and mining, it’s rather surprising to see an article like this, especially considering the state control over both the economy and media.
CHINA’S PAST STANCE TOWARDS CRYPTO HAS BEEN MIXED SIGNALS
China shutdown ICOs, in 2017 chilling the climate towards the decentralized funding frenzy that sparked the crypto bull run of 2017 and introduced the crypto winter.
This ban kicked off a fury of regulation with Japan, S. Korea, Singapore, Malta, Switzerland and a host of other nations passing ICO friendly tax laws or regulations to entice crypto projects to come start doing business in a friendlier climate.
China then proposed a ban on Bitcoin mining which is extremely significant because the largest Bitcoin mining pools with the most hash rate, are based in China. The mere mention of a possible ban was enough to spook investors.
China has had some of the largest crypto projects and companies, and China’s government even releases its own blockchain and crypto rankings list similar to the Weiss ratings. Recently, a Chinese court ruled that cryptocurrency is legal and is classified as property under Chinese law, adding protection for Chinese crypto holders.
Could it be that China is changing its mind on crypto? China’s central bank is leading the way towards a state backed crypto currency, will they impose a full ban on public blockchains or is this beginning of a new approach towards blockchain by Chinese authorities?