There seem to be some commitment issues when it comes to giving freehand to Bitcoin in China; the proposals have been drafted a couple of times, and each time, a regulatory problem, lack of interpreting the crypto market, or dangers that cryptocurrency proposes to the national currency got in the way. Bitcoin has been banned in China for almost seven years, and this time around, the central bank of China, China payment and clearing association, and even the banking association think that it is time for a new ban yet again.
China Seems Uneasy with the Idea of Bitcoin Becoming Mainstream
These regulatory bodies have issued a long draft that the local companies and businesses are to refrain from accepting virtual currency in any shape or form. They can’t list any product or service that is to be eventually paid for by cryptocurrency. Not only this but no firm or company should carry out the trading of cryptocurrency, registering users for it and giving them access to the virtual currency in any possible way.
This time around, the ban is more vicious, and it seems a lot of parties have joined arms to make sure that Bitcoin never comes out as a safe and alternative mode of payment in China at least. If you look at the instructions that were made public, you would surely not believe how a nation can be so against Bitcoin or the idea of cryptocurrency.
But it is not the nation that is after the ban, but the government officials fear that they will be losing control and a notion of being favourite with the people if cryptocurrency was to hit the mainstream. Although the government representatives and officials will deny this idea anytime, it is presented, but clearing out every other possible reason for not considering the cryptocurrency, this is the only thing that seems feasible. Despite this consistent banning, China remains atop the list of countries providing the most of Bitcoin’s hash rate or mining power.
Despite the coal plant that got destroyed and the mining operation of Bitcoin got slammed pretty hard Chinese personnel are providing more than half of the mining power that Bitcoin requires, and other is coming from the USA and Europe at the moment.