🔥 BREAKING NEWS: China is BACK into Crypto!! Chinese BTC exchange ZB.com is Live!! 🔥

in #cryptocurrency6 years ago (edited)

chinabitcoin.png

News is circulating that China is back into crypto, with the launch of a new exchange on www.ZB.com, a new Bitcoin exchange that went live today for the Chinese market. I believe ZB.com offers cryptocurrency trading as well as FIAT pairings in CNY.

The site is currently getting hammered, so I have difficulty confirming this.

A user on Reddit used Google translate to translate some notable text from the site:

GOOGLE TRANSLATE: In order to respond to the anti-money laundering policy of the People's Republic of China, all users who trade in the ZB transaction network need real name authentication. In addition, the real name authentication can also strengthen the account security, when the account is abnormal, the platform through the authentication information to carry out the evidence audit, relieve the anomaly.

So it looks like China is back into the crypto-game, and the big question now is: What will this do to the Bitcoin price? Is it enough to drive it over the edge and go parabolic?

I'm also going to keep a really close eye on the Chinese crypto's like NEO, QTUM, WTC, LRC, because those suffered very much under the China ban.

I will keep trying to access ZB.com to confirm this news for certain, and when I can confirm I will update this post. For now, I am posting this to get the news out asap, as the market effects could be quite significant!

There is a discussion going on on Reddit, and I have not found anybody disputing this news there. Interestingly somebody does mention that zb.com is a million-dollar domain-name, so the owner of the domains is likely to be a serious party. That is promising.

UPDATE: I finally managed to connect. It seems the exchange doesn't offer CNY pairings, but it does offer USDT pairings. Interesting, I'm not sure what to make of that.

UPDATE 2: Also, I see BITSHARES listed on the exchange (!!)

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I think this new development, if it is really China, will make the bitcoin price skyrocket in the next months. What will be its effect on Steem? I believe there are people here who can give some insights.

I kind of hope not! The effects of a continued Bitcoin skyrocket have been terrible on all altcoins including STEEM for the past month and a half. If Bitcoin goes even higher, chances are we're going even lower with other crypto's.

china was never really out. Chinese were trading on any exchange. I don't think this will do anything. There were few chinese exchanges closed but chinese were never banned from trading elsewhere.

It seems like this is a crypto-only exchange too, in hindsight. I see USDT pairings but no CNY. Not sure what to make of this yet.

China effect is already accounted for to be honest. Chinese are trading on other exchanges. So shutting down a few exchanges didn't do anything really. The real deal was if china stopped access to other exchanges that actually never really happened. Plus china didn't have great volume in bitcoin anyways. So I don't think this will have much of an impact.

Not much of a surprise. China has banned bitcoin several times before and will likely do it again in the future. It allows for Chinese investors to dump when its high and accumulate more when the price drops

Yep, I've been waiting for this. Hopefully my NEO will get some love when the Chinese return to the fold!

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