Chinas New Central Bank Head Is Pro-Market, Could It Impact Cryptocurrency Industry?
https://thehodl.life/chinas-new-central-bank-head-is-pro-market-could-it-impact-cryptocurrency-industry/...........The next target market for the Chinese government could be the cryptocurrency market, given that the Chinese government has not led additional initiatives to shut down cryptocurrency activities and projects within China. Blockchain projects from China such as VeChain and NEO are still able to continue their developments, because the Chinese government had banned the trading of cryptocurrencies,
BUT NOT STORING OR HOLDING THEM
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Chinese cryptocurrencies
VeChain, NEO, and Qtum are all multi-billion dollar projects established and developed by teams located in China. In fact, the three cryptocurrencies are some of the largest cryptocurrencies in the global market, with NEO being the 9th biggest in the market with a $3.7 bln valuation.
Cryptweeter, a well-known cryptocurrency researcher, stated that state-owned media outlets including Yicai have offered extensive coverage of VeChain, a Blockchain project and cryptocurrency based in China:
They have started to be picked up by mainstream media in China, most notably Yicai, who have been seen tweeting and retweeting a lot about VeChain recently. Yicai are state-owned and are one of the leading financial news and investment outlets in the country.
Given the governments support towards native Blockchain projects and initiatives, and the election of pro-market economists like the new PBoC head Yi, it could be likely that some pro-Blockchain legislation will be released in the mid to long-term.
Although the Chinese government has banned cryptocurrency trading, it is highly unlikely that this will continue to be the case, especially if PBoC head Yi continues his long-term initiative to liberalize the Chinese markets and its leading industries, like the payments and finance sectors.
