Once upon a time, China was the Bitcoin Capital of the world!. China used to control over 80% of the total Bitcoin transactions, and China was so supportive of the cryptocurrency to the extent of even premiering a Bitcoin documentary film, at the Shape the Future Summit in Beijing in September. The documentary film titled: ‘The Same Will be presented’, was shot to promote Bitcoin and show how Bitcoin and Cryptocurrencies have evolved in China over the years, as reports Bitcoinist.
Just then something ‘crazy’ happened. An event that shook the whole Bitcoin ecosystem like an earthquake- the Chinese government banned all forms of initial Coin Offerings, then later extended the ban to all Bitcoin exchanges in China.
China’s Central Bank Governor Supports Bitcoin Ban
Pan Gongsheng – the vice president of the Peoples Bank of China (PBOC), has said that the Chinese government did the right thing by banning initial Coin Offerings (ICOs) and Bitcoin exchanges in the country.
The Central bank official was present at an annual financial book award ceremony which was partly organized by JP Morgan recently. He stated that it would have been a “scary” situation in China by now if the authorities hadn’t banned Bitcoin back in September.
In the words of the PBOC vice president, as reported by Yicai Global – China’s leading financial news company, the official said:”if we didn’t shut down Bitcoin exchanges and crack down on initial coin offerings a few months ago, and if more than 80 percent of the world’s Bitcoin transactions and financing activities were still taking place [in] China, which was the case back in January, what would it be like today?…it’s scary to think about.”
It is important to note that the Chinese government banned all forms of initial coin offering on 4, September 2017 and later extended the ban to cryptocurrency exchanges on the 15, September 2017.
The ban on Bitcoin forced all Chinese exchanges to close shop, and it also had a temporary bearish effect on the Bitcoin price.
Meanwhile, Bitcoin miners based in China are making preparations to move away from China before the Chinese government wakes up one day and places a ban Bitcoin mining.
If China’s ban on Bitcoin could not crash the price of Bitcoin or shutdown the world ICO market, It means Bitcoin and ICOs are here to stay forever!
These are exciting times indeed for cryptocurrencies and the ICO ecosystem!
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