HOW GOVERNMENTS SEES CRYPTOCURRENCIES: CHINA

CoolDex Global
Aug 16, 2018 · 2 min read

Progression is a word that expresses continuously positive activity. It shows that, despite struggles or possible obstacles, life keeps growing and developing. From barter to virtual transactions, the way we deal with shares and necessities has drastically changed. On the other hand, this progression definitely not happened easily and a lot had to be talked, proposed and conquered. And China citizens have shown it.

Cryptocurrencies aim to do for money what the internet did for information — expand access, offer accessibility, decentralize ownership, and limit mediating third parties. Instead of a bank keeping a record of your transactions, this information is encrypted and recorded on a distributed ledger or blockchain. However, some measures, as announcing that initial coin offerings are illegal was taken by China’s government. And this is an example of just one of the problem facets left out of the solution.

It’s really controversial that the first government in the world to provide ratings on cryptocurrency is the same one that has banned its people from using it. The explanation about it was due to government concern about purposes of investor protection illegal activity and financial instability that comes with it. But we got to be clear, is expected that a new technology promising transactions decentralization it’s a real issue for any government.

China has taken a series of regulatory measures to crack down on activities related to cryptocurrencies. In September of 2018, authorities in China banned domestic Initial Coin Offerings (ICOs) and crypto transactions. Afterward, they cracked down on crypto mining, turning into illegal those activities. In the meantime, China’s central bank is reportedly considering issuing its own digital currency.

Last year, more than a half of the world’s blockchain-related patent applications came from China. Also, 2017 marked a peak for blockchain development, with tech giants exploring its uses and 178 new companies in the sector. From mobile payments to high-speed railways and driverless vehicles, it’s not difficult to see that China has been embracing technology to improve the life of its citizens.

Even with a blur in the future of China, the country has launched famous blockchain and crypto projects from blockchain entrepreneurs with a tech-savvy blockchain developer community, making the republic the mainly country in cryptocurrency investment.


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CoolDex Global

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Hybrid Crypto Exchange | Fiat 2 Crypto | Crypto Fund | OTC desk |

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