You are viewing a single comment's thread from:
RE: China's Credit rating downgraded
A lot of Chinese are interested in cryptocurrencies as a hedge against any devaluation of the yuan and as a way to move money offshore. That's one reason the government cracked down on the Bitcoin exchanges.
One simple advice all cryptocurrencies on China markets are going to the wild beast mode. Put some money there, because the gov know how to use the opportunity to take a lot of money from something like cryptos. This will be happen behind the scene for sure
The exchanges were ordered to shut off Bitcoin and Litecoin withdrawals in January, pending government review of their KYC and AML practices. Rumors are flying that the government will announce its findings next month, and we anticipate BTC and LTC withdrawals to resume. I expect there will be a surge in trading activity, maybe not as crazy as before, but strong nonetheless. Prices will probably go up.
Also beginning July 1, Japan will not charge an 8% fee on cryptocurrency transactions, so that will be another surge in use and interest.
good to know more about situation there. Thank you @wheatdogg
You're welcome. I forgot to say that you're right about the government's attitude toward Bitcoin and the other cryptos. The government hopes to leverage cryptocurrency markets to bolster the national income, which has been slowing down since last year. They don't want to ban Bitcoin, etc., completely, because that would mean cutting millions of dollars out of the national economy.
By the way look ETC 2 dolars for 6 hours and it will continue