Why Chinese Government against Cryptocurrency?
We know that China already banned all Cryptocurrency exchange and ICO at the end of the last year. Chinese Cryptocurrency exchange has already moved to other countries. Due to Chinese ban, we have seen negative market reaction before. It is now obvious that China already took the final decision against Cryptocurrency.
China took all possible measures to stop the rise of Cryptocurrency in China. Now it is taking action against Crypto Mining. It seems that China is determined to wipe out everything related to Cryptocurrency. The reason is very simple. Let's find out the definition of Cryptocurrency from Wikipedia
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions....Cryptocurrencies are a type of digital currencies, alternative currencies and virtual currencies. Cryptocurrencies use decentralized control as opposed to centralized electronic money and central banking systems.Source
Yes, Decentralized nature of the Cryptocurrency is the main reason behind the ban. The Chinese government is threatened by the Decentralized Digital Currency. Till now, China is the only country categorically banned Cryptocurrency and Cryptocurrency related matters.
Is Government Successful?
I am not sure about this. If you look at the statistics from the different exchange, It is obvious that Cryptocurrency ban is not working. Look at the web traffic in Okex and Huobi pro, most of the web traffic is coming from China.
What is your opinion on this topics? What do you think what is the reason behind the Chinese Cryptocurrency ban.
Thank you for taking the time to read this post. Your comments and upvotes are highly appreciated.
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I think they're bluffing
no amount of bluffing will help brother... lol
They love the tech, but don't want speculation.
China has unique policy. They are confused by cryptocurrency
no matter how hard they try but in the end they will embrace this new crypto technology ... lol
I hope so
Chinese government has always been very conservative. They control everything, may be to protect their businesses or people from outside but excessive intervention is not good for growth.
They are growing. On the other hand, Crypto is also growing
I couldn't agree more.
I think China will not able to overcome the massive high tide of crypto impact in near future.
Good post
@steemero
Thank you @umaira-karlinda
I wonder what this means for NEO specifically, as a whole its not good for the entire market but if China decides to make it illegal then they will suffer their own fate.
They called it Chinese Ethereum
Lol i know, i wonder how that flourishes if crypto's are banned, doesn't sound good for business. NEO was one of my favorites for this year. This might change that one.
No body want losing something. We talk about a very huge amount of money...
Because they cannot make Chinese copy of it, because it virtual :p
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