Its Thursday evening and you are back at it again staring at the charts. You are sitting there pondering to yourself, why is the price dropping again and why did I go all in at $15,000. At the time of…
Huo Xuewen, director of Beijing Municipal Bureau of Financial Work has fired 9 acute questions toward Bitcoin, blockchain and ICO in a Fintech meetup recently. He tried to explore the fundamentals and values of this technology.
Mr. Huo said that now that investors care only for making profits in ICO and nobody cares about the values behind this innovative mechanism. And since most of the trades of cryptocurrency rely on centralized exchanges, the digital assets are still threatened by traditional risks.
Reuters reports that policymakers in South Korea’s parliament said that they’re considering shutting down domestic cryptocurrency exchanges, following the steep plunge in value of major virtual currencies over the past couple of days.
The news comes just days after we heard just the opposite. After South Korean law enforcement agencies raided the offices of local cryptocurrency exchanges to investigate alleged tax evasion last week, various government bodies including the official residence of the President announced that trading wouldn’t be banned in the country the next day.
A senior official at the People’s Bank of China is reportedly calling for a wider ban on services related to cryptocurrency trading in the country.
Pan Gongsheng, vice governor of the central bank, said, to prevent market risk, the government would apply more strict regulation to end all cryptocurrency trading-related activities and services. The news comes via a Reuters report today, citing an internal memo reviewed by the news agency.
While it’s not yet clear whether the reported memo will become immediate policy, the news indicates the continuing severe stance taken by China’s top regulators towards curbing cryptocurrency speculation and lowering perceived financial risk in the country.
According to the report, Pan said in the memo that a wider ban should extend to services and activities including individual or institutional market-makers, centralized trading platforms, guarantors, or settlement providers like online cryptocurrency wallets.
As we have stepped into 2018, despite a dream run in 2017, everyone appears to be sceptical about the future of Bitcoin and other cryptocurrencies in 2018. From the dark web of the cryptocurrency sources, mining, money laundering and investments to the glorious future of its benchmark technology i.e. blockchain that every organisation and government authorities are looking forward to, Bitcoin is caught in dichotomies at several levels.
As India and China have cracked down on cryptocurrencies, ‘Virtual Currency girls’ have raised the Bitcoin curiosity with their latest song “The Moon and Virtual Currencies and Me” humming with the lyrics that says, “It’s hell if you buy at a high price!…Don’t underestimate the market!”
South Korea’s lawmakers and Ministry of Finance have reportedly shot down a crypto-trading ban proposed by the South Korean Ministry of Justice (since more than 2 million South Koreans own bitcoin, such a ban would inevitably lead to many retail traders booking heavy losses).
But China’s attempt to suppress the local crypto economy is continuing unabated as the PBOC leans on local authorities to deny resources to bitcoin miners and exchanges to encourage “an orderly exit” from the business.
Today, Bloomberg reported that ViaBTC Technology Ltd., which runs the fourth-biggest bitcoin mining collective, is jacking up maintenance fees for some of its clients Friday to 50% from 6%, according to a statement posted on its website.
The disruption in mining power has caused already soaring transaction fees to climb to all-time highs as transactions compete for space on the network.
Two of China’s largest bitcoin mining operations are looking to set up shop elsewhere as the country expands its clampdown on cryptocurrencies to mining operations, Bloomberg news reported Friday.
Bitmain, which runs two exchanges, has set up a regional office in Singapore, as well as mining operations in the US and Canada, CEO Wu Jihan told the news channel in an interview. News of the impending crackdown was first reported Wednesday.
n 2018, I forecast China will surprise the world (again) and change the crypto world.
I personally believe in 2018 China will be the first major country to launch a central bank digital currency (CBDC), and that we will also see a large-scale blockchain implementation in the retail and logistic industry with a blockchain solution developed by Chinese companies.
Now, I’ll unpack my predictions.