In what is one of the worst news for crypto currency enthusiasts, investors, supporters and users, the Chinese government is tightening its noose around the growing popularity of Bitcoin in the country.
There are reports that the government will ban Bitcoin exchanges in China.
Last week the Initial Coin Offerings (ICOs) were banned.
Media reports suggest that the ban will possibly leave out Over-the-Counter transactions, implying that the people holding crypto-currencies are not in immediate danger of losing their money.
Chinese Central Bank hasn’t issued any statement yet.
People of China have a significant stake in the Bitcoin market. The country accounts for 23% of the total market share of the currency.
Another important fact is that China also houses some of the largest Bitcoin mining facilities in the world.
The question is, going forward, what will be the impact of such government actions or regulations on the overall health of crypto-currencies and blockchain technologies?
Are such government onslaughts going to be a regular phenomenon as it tries to control the fundamentally uncontrollable technology?
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This can be considered great news for traders outside of China, as this lowers the costs of coins. Huge sales coming if China moves forward with a ban..It'll only be temporary anyhow. Whats your take on the rumours, good or bad? Any press is good press in my opinion. More folks will be entering the markets when they wonder,("whats Bitcoin'?) after hearing news of this nature. I'm hoping Bitcoin drops significantly in price, then I can grab even more. But I'm sure central banks are aware now that their time is coming to an end. They can try to ban this, and ban that, but that puts a larger spotlight on the crypto space, working against their hopes. So....YAYYYYYY,,Hurry up China, ban and ban some more!!
You are absolutely right about the price coming down. Considering the volatility of the situation in China the average coin holders would want to sell before the autocratic government comes up with further regulations. And, yes, Crypto currencies need all the media coverage it gets at the moment. Experts say that crypto is at the same stage as the internet was in the early nineties. We need more people to take it to that critical mass level. I think it is a good thing, overall. Good luck with your Bitcoin buy and thanks for the upvote.