China has a country-wide financial ban on cryptocurrencies. Financial firms and institutions are prohibited to hold or trade cryptocurrencies, as wells as to handle Bitcoin transactions. Regulation has effectively banned cryptocurrency exchanges and bitcoin mining has been significantly limited by regulation.
But in light of Facebook’s latest announcement to release the Libra cryptocurrency as a solution for unbanked individuals, China is bound to act. Huawei’s CEO Ren Zhengfei already commented on China’s ability to create its own cryptocurrency. And people are eager not just to buy and possess Bitcoin but also to trade it and other crypto assets on platforms like the Bitcoin loophole.
The might as well do it informed.
In light of the trade war between the two countries, it is only natural to expect some steps to be taken. And Bank of China (not to be confused with the People’s Bank of China), one of the 4 largest state-owned commercial banks already opened up on the topic.
Bitcoin Infographic: For or Against Cryptocurrencies
Even though cryptocurrencies suffer a ban in China, people still view the infographic by Bank of China as a positive attitude. It features information about Bitcoin right from the very beginning.
Chinese residents can learn about Satoshi Nakamoto, the way Bitcoin prices are formed, why are they volatile. They can learn more about cryptocurrency wallets and how to make use of Bitcoin, whether buying it or trading it.
The infographic goes on and on, covering all important topics we at Top10BitcoinRobots also try to discuss.
Why Does It Matter?
One of the main reasons why Bitcoin and the rest of the Altcoins are frowned upon is the hype they create due to being lucrative, endangering the financial stability of people who are not fully aware of what these assets are.
Even though China’s banned cryptocurrencies, they make a smart move by urging for more education about the assets. Especially with the rising challenges of the industry and the faster and faster developments.
Because the fact of the matter remains that it is better to be informed about what cryptocurrencies are. And the same goes for governments around the globe since the regulation of these assets depends entirely on them. Some are still trying to find their way around the assets. Others, like Japan, have started on an ambitious path. What the future holds remains to be seen.