The ban is working – China happy with its crypto-currency stance

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If it is happening in China, a ban usually has no scope to not work. Banter aside, this time it is about a technology that is quintessentially free from regulation and intermediation. Yet, a stirrup on its speed (with many ICO projects and crypto-exchanges, reportedly, shut down) has been showing immediate results.
As per data reported by the Central Bank of China, the recent cryptocurrency ban imposed by regulators is turning out to be quite successful. The People’s Bank of China (PBC) has noted that cryptocurrency trading in China has all but gone away. From 90 per cent of all global trades (pre-ban scenario of BTC/RMB pair), the Chinese yuan (RMB) is now utilised in less than one per cent of all Bitcoin exchange trades.
Expectations of large financial risks for Chinese investors will probably continue the ban for quite some time. A $1 billion Creative Blockchain Lab initiative, however, straddles China’s interest in other Blockchain journeys.
At a time, when major Asian regulators – India, Korea, Japan- have been experiencing mixed and confused postures on this new technology-disruption, China’s experience may leave a lot for study.

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