China: crypto financial fraud and threat to safety currencies””
The last bullish news from the Land of the middle do not seem to correspond to derweile the reality. In a new speech by the President of crypto have been criticized currencies are sharp, and every citizen advised not to use these in any manner.
China’s CCTV1, a state-supported Social Media platform, Xi brought a further opinion on crypto-currencies in a 60-minute discussion with the President. This time, Jingping speaks in plain text and is not a Good word to crypto-currencies. China’s attitude towards Bitcoin (BTC) and crypto in General, triggered a price recovery and led to a Mini-Altcoin-season. Recent bullish news from China, are suspected of the price of Bitcoin to $ 10,000 to have driven.
In today’s address, the President described the digital Assets as a fraud or unregistered securities. Dovey Wan, co-founder of Primitive Crypto, commenting on the recent critical attitude of the Chinese authorities during the hour-long TV show.
JUST IN 🤭🤭🤭
Today CCTV1 (CCP’s official channel) featured another investigative work of “cryptocurrency” on 焦点访谈, which I would considered 60 minutes or even higher profile TV program
TL;DR – cryptocurrency is unregistered security, financial fraud and illegal ponzi pic.twitter.com/gLqIjXDsqI
— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) November 18, 2019
The main message was, once again, “Blockchain not Bitcoin”, but went so far as BTC as a fraud to represent. Chinese traders continue to have access to some of the most active exchanges in the world, and the Mining is as strong as ever. However, the government has shown a consistent attitude towards smaller projects, including domestic, ICOs,. China is also the scene for the Plus-Token-the program, adopted in the Local investment, and then on the Huobi exchange liquidated was. Wan recently commented that Chinese investors have considered BTC as a store of Value similar to Gold, but eager, to speculate on higher returns.
But the biggest fear of the attitude of the government is to prohibit companies and activities. There were talks about direct personal impact on crypto-related Influencer. Due to the huge and active Chinese Social Media Community, some of the executives, Influencers, and developers could be personally addressed and followed, warned Wan.
Also, the promotion of DAI-stable coins can be considered as a potential risk. At this point it is uncertain what has the Chinese government in the prosecution of a few major crypto-currencies and projects in mind. Wan believes that China has the Power and the potential to nationalize crypto-Assets, including ASIC and other infrastructures. China’s President Xi Jinping, also stated that the currently vibrant sector could soon be considered a criminal activity is considered. Nevertheless, the Chinese government crypto-Mining excludes for the time being, of the list of illegal activities, and the Bitcoin network is still strong from the swimming Pools, with Chinese activity.
In a Chinese state-article by Xinhuan Bitcoin has been referred to recently as “the most successful application of the Blockchain technology” and the pros and cons of Bitcoin and other crypto-currencies explained. In the first quarter of next year, the digital Yuan, covered by the Central Bank of China will be launched. Some experts believe that all the current step are used, the introduction and the population prepare for it. So far ot can be estimated, what is the impact of the launch of the digital Yuan on China and the world economy will have.
Feautered Image: Wit Olszweski | Shutterstock
