Rumors Of Bitcoin Trading Resuming In China Are Amplifying - So, What Else Is New?
In a tweet posted less than a day ago, cnLedger, a source which is usually trusted, announced that two big Chinese exchanges will "reshape" in the form of p2p / otc exchanges. P2p means "person to person", like LocalBitcoins, and otc means "over the counter", which means trading is done directly between two parties, without the supervision of an exchange.
The twist is that these new companies will be registered in Hong Kong, not mainland China and that may be a workaround for both parties: crypto investors will continue trading, while PBOC (People Bank Of China) will continue to claim the Bitcoin trading is not allowed in China. Mainland China, that is.
It's not a very surprising move, if you really think about it. Nobody wins if Bitcoin is stopped (supposing it can be stopped, in the first place) and neither PBOC, nor the Chinese officials are stupid. On the contrary, managing the finances and the life of over 1 billion people should be extremely difficult, so every bit of energy (read: money) they can squeeze from anywhere is very welcome.
There are also rumors related to the re-election of the president Xi Jinping, who has been seen as a supporter of free markets (including cryptos) but I don't think that will weigh much than the mere economic incentive.
Politics follows money, not the other way around.
It's going to be an interesting Christmas. And an even more interesting New Chinese Year, soon :)
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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i hope that china enter again to the crypto market. China is a big market and will bring to the market a grow. Excellent information.
I'm curious if we will see a more open policy towards crypto after Xi Jinping gets reelected
He he, me too. Wether or not he's reelected, we will see some sort of "tolerated" Bitcoin trading in China again.
With this rumors bitcoin is stronger this a new free bitcoin pomotion
nothing is new except that my mother took the subject seriously to produce her own white pages and ICO for her tokens and she already began the advertisement campaign in the family members to sell the tokens by 0.5 USD and with discount to young kids 0.25 USD, and if she succeeded she will open another branch in another building,...
come on guys... CHINA THE BIGGEST WHALE FOR CRYPTOCURRENCIES WILL NOT CLOSE ITS MARKET....
ALL ARE FAKE NEWS.....HMM CLOSING TH E BEST MARKET EVER FOUND IN THE WORLD.....
I WILL BELIEVE THAT MY MOTHER WILL CLOSE HER ICO PROJECT AD I WILL NOT BELIEVE THAT CHINA WILL CLOSE THIS MARKET
So $10,000 before the End of the year... barring any pullbacks?
Thank you for his excellent news. Hoping that continues.
That is good news for crypto traders. It China support cryptocurrency, it will move forward smoothly than before because China is a big market. As soon as political leaders realize the good side to cryptocurrency, that will be good for themselves actually.
Outstanding post and Interessing. Thank you for sharing!
china back again
Reading articles/news like this makes it harder and harder to keep my steemdollars here and not buying bitcoin on every did I see.
At this point I probably sound like a broken record, but the struggle is real!