Cryptos cannot be banned. Only the trading of it can be banned.
Banning of speculative trading on exchanges of coins in China could also mean having a more stable crypto currency that could becomes easier to be adopted for actual use = real value and real long-term growth (albeit much slower).
Only once the crypto market have become more stable and less volatile, would China then be more open towards cryptos again; and they might control which cryptos they would allow most likely. Look out for selected cryptos that are working closely with the Chinese government to conform to their rules and regulations, and are happy to do so (such as NEO, Loopring, VeChain, XinFin, and TRON -- an ambitious project which is currently still under heavy development, and so on..)
Here's an interesting perspective article:
Fear not, China is not banning cryptocurrencyhttps://medium.com/@chewweichun/fear-not-china-is-not-banning-cryptocurrency-79dffdf4036fAnd a response to my comment over there here:
Juni LEE
Feb 7
QTUM, VeChain, and XinFin are Singapore crypto projects (a country that is highly supportive of crypto-fine-techs) and strong law/punishment against scammers. So probably wont be as impacted as other crypto projects based in China, etc. in terms of value growth. However selected chinese cryptos such as NEO are still promising, due to their compliance with the government. The reduced ability of speculative trading of these coins in the Chinese market could hopefully also prevent the creation of unrealistic bubbles and crazy volatility, thus giving these coins a lot more promise to gain wisespread adoption as currencies (rather than a speculative trading commodity in a volatile irrational market based on the emotions of greed and fear).
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1 response
Wei Chun Chew
Feb 7
Yes. Many of the firms have moved to crypto-friendly countries like Singapore to avoid regulations in China. Volatility in the market is definitely one of the main deterrence to adoption. NEO has working relationships with many other blockchain firms and is viewed as the biggest blockchain project in China. We would definitely see some support from the government with regards to these highly promising projects. In the upcoming months, or even years as the market stabilizes, it is these firms with working products and established relationships that will take the limelight in the industry.
