Cryptheory: NFT, Play-to-Earn, Crypto News

24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

Chinese intervention signals an impending ban on cryptocurrencies, says Bobby Lee

2 min read
Chinese intervention signals an impending ban on cryptocurrencies, says Bobby Lee
source: pixabay.com

BTC maximalist and Ballet CEO Bobby Lee recently discussed the implications of China’s continued crackdown on cryptocurrencies. Despite government support for the digital renminbi, Lee said Beijing had no interest in developing the cryptocurrency industry.

Given the conflicts with the Chinese government during his tenure in leading the first Chinese crypto exchange called BTCChina, Lee said:

“China wants to regulate cryptocurrencies to achieve its overarching goal, the globalization of the digital RMB.”

He added that the Chinese government does not care about the huge cryptoexosystem that exists in the region. Emphasizing the wait-and-see approach, Lee emphasized that 2017 marked the beginning of increased regulatory control.

“I’m afraid in 4-5 years, country could ban cryptocurrencies altogether.”

Bobby Lee: China should not stop the crypto market

The recent government ban on cryptocurrency mining and related trading appears to discourage citizens from intensively engaging in high-risk investments, given the boom in trading volumes. To this idea, Lee added:

“BTC is not a direct competitor to the digital yuan. I don’t think the cryptocurrency industry will suffer because of Chinese intervention. “

A decentralized global BTC network has led Lee to believe that China’s position on adopting or banning cryptocurrencies will not have a long-term impact on the crypto market.

Lee believes that the last straw at this point would be a total ban on cryptocurrencies and Bitcoin. But with the involvement of mainstream businesses, along with ever-increasing government initiatives, China continues to limit its own cryptocurrency operations and allows individuals to hold and trade BTCs.

Conclusion

Thanks to recent Chinese regulations on cryptocurrencies against risky trading, cryptocurrencies have begun to take proactive steps to stay in cryptospace. For example, the FTX crypto exchange has announced that it will reduce its trading leverage from 101x to 20x.

Leave a Reply

Your email address will not be published.