Even though China’s government has been widely vocal regarding their ban on crypto trading, they may soon be exchanging that idea to be able to regulate the market. There was a recent post on Globaltime.cn, which is a newspaper that reaches over three million people and is the official newspaper of the communist party, which indicates changes to be made.
There has been a lot of talk about how this ban is presently changing the future of crypto, due to the large customer base in China. The People’s Bank of China originally issued the ban, and it includes both exchanges and ICOs from performing their services within China. However, contradictory to this ban, central bank governor Zhou Xiaochuan suggested that this switch to digital assets is a natural step in the progression of the financial world. These comments were released shortly after the ban in March 2018.
The fact that so many sources keep conflicting with the current state of crypto trading in China leaves consumers wondering what to support. Xiaochuan commented that the mere idea of using digital assets instead of tangible currency was inevitable. He even told the public that the PBOC was taking interesting in the trading by studying the way that bitcoin and other cryptos have setup their currency. However, on social media, the story is very different, since the government has taken to blocking social media accounts that represent trading platforms.
With all of the surmounting evidence that crypto assets may benefit the Chinese economy, there is a suggestion that the ban will soon subside. Typically, the statements issued in these types of publications reflect the same sentiment as the Chinese government, either testing their reception or informing them.
Rivalry In The Economy
Much of the published editorial focuses on the innovations that the economy constantly includes, which is why they do not believe that a ban on this type of technology is an efficient use of time. It may even push them out of the forefront of technology advancements, leaving the spot to another economy to grab.
Even with this potential threat, it does not mean the ban will go away. While they have the right to ban cryptocurrencies due to their security threats, they could threaten the financial system in China themselves. Right now, the United States are getting increasingly involved, which may work better with their economy than to completely ban it.