Re: China crackdown on BTC and will support its own cryptocurrency

Quote from: racistyui on February 08, 2018, 08:14:19 AM

Quote from: Tambu on February 03, 2018, 12:32:30 PM

https://www.forbes.com/sites/sarahsu/2017/10/19/will-china-host-the-worlds-biggest-state-backed-digital-currency/#380d56461231

Though the news was on October 2017 but still relevant and could be one of the contributor why there is huge dip of BTC's price recently.

Majority of Chinese patronize their own. We cannot deny the fact that there are large of Chinese population in the market of Cryptocurrency and their absence will be a huge blow to the price of BTC and other cryptocurrencies in generals.

China continues to implement bans on Bitcoin trading platforms instead of the ICO Ban as in August, China's work to promote China's dominance of the market.

Chinese regulators also target individuals and companies that provide clearing services, arrange and market. Small-scale (P2P) transactions are not affected.

Miners started moving to other countries, which was obvious because of the good workmanship and good law

China's government's digital money-cutting measures have had a huge impact on bitcoins and other co-substitutes over the past several months.

In line with China's ban on bitcoin, on price bubbles, Korea tightens bitcoin trading.
At the beginning of last year, China remained the strongest bitcoin trading market. It is also home to many of the world's largest bitcoin companies. Digital diggers have rushed into China because of low electricity prices, cheap labor and many supporting industries.

Many bitcoin companies like Bitman, BTC.Top and ViaBTC have fled China for easier-to-do markets like the United States, Canada and Singapore.

Ironically there are people belittling the contribution of China or Chinese in the market of Cryptocurrency. China is a marketplace that cannot be neglected. Their impact can be felt immediately.