Hi I think just before a month we saw china banning ICOs and taking severe actions against bitcoin exchanges which led to the shut down of almost all the three big exchanges.We could clearly understand that chinese government is totally against bitcoin.China has the largest number of mining farms in the world.
they are not "totally against bitcoin." they are just worried about capital flight and by the rate at which investors are pouring money into cryptocurrencies and ICOs. in fact, i've heard rumors for years now that the chinese government (or at least local governments) have been subsidizing mining farms with excess hydroelectric power.
But still china has not banned mining.So,what's actually stopping china from banning bitcoin mining totally there?
china has been "banning" BTC since 2013. i think the government understands by now that they cannot stop it. what's the next best thing? controlling the populations' interaction with BTC and maximizing tax revenue. to do that, they need stronger KYC and capital control compliance from exchanges, hence the shutdown. i think we'll see licensed exchanges reopen on the mainland again.