Don’t Worry, China Is Not Banning Cryptocurrency

In China, the electronic cash system was published in Bitcoin in 2008 due to the financial crises. People worldwide attract to Bitcoin those days for its use of blockchain technology and as an alternative to commodities and fiat currencies. But, nowadays, the administration of china put a new set of rules and regulations to ban cryptocurrency. However, china’s government had done it in past years. Still, now the government has blocked the access of foreign exchanges to stop the citizens of China from carrying any cryptocurrency transactions.


A notice:

When the first time digital Yuan and Bitcoin come to china, it gains a lot of popularity across the country and among china’s people. As a result, the bank of china and five other government ministers published an official notice due to the price speculations and volatility. Those days, the price of Bitcoin was high. And that notice was related to preventing the financial risk of Bitcoin. Here are some highlighted points from that notice:

  • Bitcoin is not an official currency. It is a virtual commodity that can’t be used in the open market because of multiple factors such as lack of centralized issuer, limited supply, and anonymity.
  • Regarding financial services or trading activity regarding Bitcoin, the financial organizations and banks can’t permit to provide Bitcoin.
  • It will be compulsory to register with the government ministries to all websites and companies that offer Bitcoin regarding services.
  • Those organizations that provide Bitcoin regarding services should implement preventive measures because of the cross-border features of Bitcoin and anonymity.
  • Those organizations offering Bitcoin regarding services should know about Bitcoin and technology to the public and not misinform the public with half-truths.

Layman’s term:

Bitcoin can be sold or bought in its original form and not be exchanges with fiat currency since it is categorized as a virtual commodity. However, it cannot take the money as it is a unit of accounting, a store of value, and a medium of exchange.

A report:

The china blockchain research center titled a report of China Blockchain developed in 2018 that defined the development of the blockchain industry in china consist of the lots of measures taken to regulate cryptocurrency in the mainland. Furthermore, in a separate section, a report had received from the Chinese government and VCs in 2017 in which the optimistic outlook of the blockchain industry was highlighted.

Conclusion 

In spite of its enforcement on cryptocurrency, the government of China has shown a positive attitude towards blockchain technology. Controlling cryptocurrency is the only target of the Chinese government, and in the future, it will be managed. Besides, without banning blockchain technology, it is not possible that cryptocurrency will be banned. At last, visit Yuan pay group china to invest in digital currencies. 

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