One of the first bitcoin enthusiasts in China and co-founder of the BTCC exchange, Bobby Lee, believes that the Chinese authorities can increase pressure on cryptocurrencies and ban the ownership of bitcoin.
“The next step they can take is a complete ban on all cryptocurrencies. We’ve heard for a long time that cryptocurrencies are banned in China. Technically, this is not the case – anyone can own Bitcoin, buy and sell it. But when the BTC rate reaches $ 500,000 or $ 1 million, China may completely ban it, ”Li said in an interview with Bloomberg.
According to him, the probability of such a ban is “50-50”. How exactly the Chinese authorities will be able to ban the ownership of bitcoin, Lee did not explain. He noted that in order to maintain financial stability, China does not need an unregulated and volatile asset in which its citizens can invest.
“I don’t think the Chinese authorities care about the CO2 emissions from mining bitcoin. I believe that the bans on mining are not about ecology, but about ensuring the country’s financial stability, ”said Lee.
A systematic ban on mining continues in China. Officials talk about the environmental damage caused by the mining of cryptocurrencies. Many companies are moving their facilities, including to Russia. Li recalled that China has always been a fairly important market for bitcoin, but over time its importance is declining, and this trend will continue in the future.
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