China’s crypto trading ban on Friday is the most serious yet as per some of the Chinese citizens.
Its central bank has declared all virtual currency-related activities illegal, naming Tether for the first time and sending down bitcoin and ether prices.
How will it impact the industry?
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Well first off, it will help stabilize the digital yuan. Most of the rich people there are always busy converting their money into physical assets or other currencies since they know how risky it is. By stopping crypto, it basically cuts off another one of the ways to convert money away and it may help the velocity of money in their own country.
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Forget bitcoin and crypto what about their games being sold with virtual currency, that too creates artificial market. How do they want to handle that?
They could just create an internal market where people are only allowed to exchange virtual currencies into digital yuan. It might be more of a closed system though.
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Those games will have to close if they are registered as a business in China. They can always move their HQs to different locations. They are n number of ways to go around this ban.
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Crypto-wise, I think China might get excluded out since it might be too risky to buy but we never know what the future has in store either.
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