China is appearing to soften its stance on cryptocurrencies as of late
"In an unexpected move, a major Chinese state bank has posted what appears to be a positive infographic on its website detailing the history of Bitcoin and some basic cryptocurrency concepts. The infographic notes the impressive gains that Bitcoin has benefitted from recently and appears to address the relevance of cryptocurrency in todays world. Leading crypto payment gateway
Coinpayments recently formed a partnership with directory listing site
Cryptwerk, in a move that will no doubt help increase adoption within the industry. In the press release regarding the partnership, Sean Mackay from Operations at
Coinpayments raised an interesting point when he said that
Its important to remember to not just hodl your crypto, but also to spend it to help increase adoption. Since the crypto space is still early days, spending and transferring cryptocurrency has never been so important!Trading of Bitcoin and cryptocurrencies in China has been illegal since the country banned Bitcoin exchanges back in 2017. While the ban forced some exchanges to move their operations to other countries, it is believed that millions of Chinese citizens still trade cryptocurrencies through subversive means. Although trading is banned, mining cryptocurrency in the country is still legal, and it is estimated that 60 percent of all Bitcoins hash power comes from China.The change follows a recent legal ruling by Chinas Hangzhou Internet Court that classified Bitcoin as a commodity that should be considered digital property. While the ruling didnt go so far as to give it a legal currency status, the recognition by an authoritative body is evidence of changing mindsets within the country."This brings the question of will china accept cryptocurrency as a currency or will it just stop its level of support at accepting it as a commodity [/font]-source :
https://cryptocurrencynews.com/china-stance-cryptocurrency/China is a very jealous country as far as its economy is concerned, particularly it has been alarming long after the announcement of the launch of Libra. China has been working for 5 years researching to launch its own cryptocurrency, but with recent events they have struggled to finish fast. The fear is that it causes destabilization in their economy, and now they have to start accepting what they did not want, the use of Bitcoin, although I think it will not be so directly, it is likely that they will lift the prohibitions they have to use the Bitcoin, in order to launch its own cryptocurrency and thus give it another alternative face to its economy.