Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?
We heard that China raided the office of a Binance operation in that country and that partly impacted the bearish sentiment of the market right now. China is a country of mixed signals and sometimes what you hear is not actually what you will experience or see. While there is no official ban on cryptocurrency, the government has made it known that they are not approving of it and is not allowing operation of virtual currency exchange within its territory and would probably exert effort so that their citizens not be involved with cryptocurrency related activities. So much for the hope of many that China is going to be opened soon for Bitcoin, it may never came maybe not within the next 5 years. No wonder that Bitcoin is retreating because the main driver for its recent rise was that news coming from China on the blockchain. The industry is having a famine of good news that it reacted positively to the statement of China's President even if he was talking about the blockchain technology and not really on Bitcoin. Oh well, there is must be something wrong here and I am not feeling good about it. Are we then under the extension of the rule of China?