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China’s Central Bank Hails Crypto Ban a Vast Victory

China’s Central Bank Hails Crypto Ban a Vast Victory

July 10, 2018 5:59 am,

Once the space controlled by the Chinese crypto market, accounting for 90% of all global trades according to a shot in atimes.com. That was before Bitcoin directed cryptocurrency on an extraordinary bull run in the latter part of 2017 which extent fear through the banking world and caused by a contraction of rules over the space in most countries.

Initial coin offerings (ICO) China outlawed, a general fundraising method for crypto companies, in September of 2017 while very down on crypto trading, evidently to combat tricks. Since then officials have secured 88 cryptocurrency exchange platforms and shut down 85 ICOs.

Zhang Yifeng, a blockchain predictor at the Zhongchao Credit Card Industry Development Company believed of the new data:

“The appropriate moves by controllers have effectively fended off the impact of sharp ups and downs in virtual exchange prices and led the global controlling trend,”

Despite the achievement of the ICO ban, China is deeply capitalized in blockchain technology projects. It may lead the world in crypto mining and has been working on a national cryptocurrency that would be delivered through the Peoples Bank of China. Officials from the PBoC and controlling bodies in the government have made initiates to support global regulatory frameworks if they are ever fashioned.

Interested in Global Regulatory Framework

In March the PBoC through its Institute of International Finance released their “Global Banking Industry View Report” in which they outlined a policy of associate global financial rule. As stated by that report “China should aggressively contribute to the global supremacy of digital currencies”.

While the Chinese management may be calling their crypto rule an excessive achievement it was also the main issue in a massive migration of crypto exchanges and other related business, along with depositors, out of the country.

One of the world’s main cryptocurrency exchanges Binance, began in Hong Kong but fearing regulatory interference after China applied its 2017 ban moved first to Japan and more lately to Malta which has become a safe haven for crypto-based businesses. The injury of income designed by the ban doesn’t seem to bother financial observers speaking on the country losing 89% of its crypto trading market.