China’s Authority Over Its Cryptocurrency Market Has Become Almost Non-Existent
It is known that more than 50% of the world’s cryptocurrency as well as the biggest mining farms is accumulated in China. Nevertheless, this country has always managed to keep it under strict control. What could possibly happen to the government of the Celestial Empire to make it loosen its grip?
The answer is quite simple: you cannot control something that you do not have. We would like to remind you that the government of PRoC has recently banned foreign ICOs, cryptocurrency exchanges, cryptocurrency-related trading transactions, mining, thereby totally shutting down the industry on the territory of the country.
Under given circumstances, most businesses had to either move to nearby Hong Kong, Singapore and Taiwan, where the atmosphere is more cryptocurrency-friendly, or stop operating at all.
That is why, it is quite expected that the Chinese cryptocurrency market dropped drastically. According to Express, the number of cryptocurrency transactions in Chinese yuan has decreased to almost nothing (1%).
Such figures might encourage Chinese officials to take action and maybe even lift its ban, at least partially. Losing such a promising industry would be an illogical decision. Jon Ostler, the creator of finder.com says the following:
“China lifting its ban on cryptocurrency would likely have a significant impact on prices. It is such a big potential market that even murmurings of the ban lifting would probably push value up in the short-term.”We will be monitoring the situation at the Chinese crypto market closely and report on any changes with the ban. Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/
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