China Bans Articles Saying Blockchain is Scam

in #bitcoin2 years ago

So we know now that things are speeding up. China will release digital RMB called DCEP - Chinese Digital Currency or Electronic Payments system. The name is not confirmed but pretty much this way they will be able to track who spends what and where plus will stop powers of local Alipay, WeChat.


Of course this goes with some implications for example they have to prise blockchain so today we got news that all articles that call blockchain technology scam are now banned in China.


This is really interesting and if they release it soon probably Bitcoin trading will come back legally to China (so you can buy and sell BTC for RMB this way). That could make enormous pump.

Keep in mind that while most exchanges need KYC/AML still the list of anonymous bitcoin exchanges is still full of asian ones, just located outside of China for now.

Worth to watch current CNY stablecoin on Bitshares too - bitCNY. While bitUSD lost the peg long ago bitCNY looks good.
Interesting that now its mostly used on chinese exchanges that are centralized than BTS decentralized places itself. At least by stats from CMC.


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lol it will all end up on steem engine as DCEP pegged

This is interesting news indeed. China shows itself as pretty serious about going into Blockchain.

In fact, I made an article recently about China's endorsement for Blockchain, and what that means for crypto.

Though I am concerned that China may take their understanding of Blockchain and cryptos, and make it too centralised, which is the exact opposite of its design.