China has no intention of reconsidering its crypto ban.
Three Arrows Capital’s CEO and co-founder Su Zhu recently remarked on China’s ‘unbanning’ of bitcoin mining. He illustrated his point by using China’s decision to seek public input on the adjustment of key measures in the “Industrial Structure Adjustment Guidance Catalog (2019 Edition).” Chinese Journalist Colin Wu, on the other hand, argued that it indicated China “resolutely excludes” the cryptocurrency industry. It’s worth mentioning that Bitcoin and other digital coin mining were only recently included to the NDRC’s list of forbidden industrial operations.
However, once the planning agency polled the public on its “phased-out” industry, there was some doubt regarding the ban’s reversal. The circular not only invites “relevant units,” but also the general public, to submit feedback.
Given that the PBoC has prolonged the month-long input period till November 21, Zhu’s confusion is reasonable. Wu went on to add that China is merely turning “crypto mining into an industry that must be abolished,” and that the retaliation will be “meaningless.” Sally Wang, Sino Global Capital’s CEO, and Matthew Graham, Sino Global Capital’s CEO, both agreed that it is a standard regulatory procedure that does not suggest a policy shift.
“The payment feature is really simple. No one will utilize your currency for pricing if there is no payment option. It has a storage function, but if you pull it out after you’ve stored it, you won’t be able to use it for payment. The storing function is also undervalued.” While recognizing the importance of digital money in the digital economy, he defended the PBoC’s unusual approach. Various institutions producing modest, convenient payment solutions, he added, are also quite fascinating.
Meanwhile, it is no secret that the US has eclipsed the PBoC in terms of crypto mining domination. The former, on the other hand, continues to be the frontrunner in the CBDC launch. China is intending to deploy e-CNY for the Beijing Winter Olympics in February 2022.
Aside from that, the country is considered to be booming in the blockchain and decentralized finance industries. According to a recent survey, China is the world’s leader in patent applications in this field. It presently has 33,000 applications pending, accounting for 63 percent of all applications worldwide. Ant, Ping An, and Tencent are among the top companies on the list,… Brinkwire quick overview.