Post
Topic
Board Legal
Re: Why has China declared war on bitcoin and digital currencies?
by
Snaic
on 28/04/2018, 05:44:13 UTC
China’s government is starting an all-out war against bitcoin and other digital currencies by banning fundraising through initial coin offerings and shutting down all mainland digital currency exchanges?
The Chinese government never declared war on the Crypto-currency. They take it quite seriously and study the ways of its use and implementation. It even established the Institute of Digital Currency, which is studying this new phenomenon in financial relations.
Yes, the government of China in September last year announced that the crypto currency is a threat
for the economy of the country because it allows uncontrolled withdrawal of funds from the country. Since then, they are looking for their own ways of solving this issue. However, there was not banned crypto currency as it was done in some other countries. Recently, even the information appeared that there they are going to finally allow the ICO, but under the regulation of state bodies and that they will do so in order to protect the rights of investors.