China: Let's Have Just One Big Exchange For Crypto, Folks!
It's hard to draw a line between the good and the bad in a news today, because there are so many variables that you wave to watch for, so many perspectives that you have to take into account.
Let's take China, for instance.
A mammoth with a single leader, yet a fabulous economy, thriving. Once the locomotive of the crypto trend, with hundreds of square meters of mining facilities collocated near power plants, just to save on electricity, now China is in a limbo. Harsh rules against ICO have been enforced and there are strict bans against trading crypto to fiat inside mainland (and some saying these transactions may now be followed even overseas).
And yet, a strange piece of news came in the other day, from a local newspaper called Lie Yun Wang (Chinese content). In short, the news reveals a proposal by a politician to create a single, national exchange for cryptos, one that will be supervised by PBoC, used by startups to get funding (an ICO hint, obviously) and by citizens to "acquire capital gains". Knowing how things work in China, such a news wouldn't be allowed if there wouldn't be some sort of a plan to make this happen (in one shape or another).
So, apparently, this may be a thing soon.
In other words: we want a centralized exchange where all the decentralized cryptos will be traded.
Just so we can watch them better.
Like I said in the beginning, it's hard to separate the good from the bad in this news. There's certainly good news that crypto trading won't be banned completely. But it's bad it's going to be in a centralized, most likely state-owned, exchange. It's good to have regulated ICOs and limit the number of ICO-related scams. It's bad to have this in a platform with a single point of failure.
And so on, and so forth...
image source: Pixabay, Shenzen bay bridge
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
Wanna know when you're getting paid?
|
I know the feeling. That's why I created steem.supply, an easy to use and accurate tool for calculating your Steemit rewards |
centralised is not going to be fun people are not gonna be believing it too
Lolzz now this is coming with mixed feelings. Like you said...I don't know if this is a good news or a bad news. Is quite difficult to differentiate .
Some old friend of my that live in China for few years told me once chines people will ask you how is it working in the west in order to do the opposite
Look like this is the case here
I’m having mixed feelings right now . Because they always want to do things different and better , not knowing the outcome
September last year, the Central Bank of China announced the ban on trading crypto money. It is considered an "illegal fundraising practice". Almost exactly the same as in Indonesia, whose constitution does not allow crypto money as a means of payment, but its existence is not prohibited.
Still, the Chinese central bank's decision had an impact on the performance of Bitcoin and Etherum-two of the most widely used crypto money in China-whose prices dropped directly.
I'm really hope it's will not going to happen , they try to take the crypto market from the people and set it under the government if China will do something like this i assume they will have their own coins and the rest of the world will have different coins
Hahahah...
I dont believed anything that "made in China"...
especially anything to do with crypotocurrency.
Yep, that's about it. And people will probably use it because it will be the "approved" option. It's a great way for China to make money.
That's going to be hard to enforce. They could just as easily trade at any other exchange.
Thank you for the great post,,I think they can never swipe away crypto currencies but maybe regulating them.