China Will Likely Resume Cryptocurrency Trading by Licensing Bitcoin Exchanges
The Chinese government will likely resume cryptocurrency trading in the upcoming months with necessary Know Your Customer (KYC) and Anti-Money Laundering (AML) systems in place.
Earlier this week, Xinhua, the state-owned news publication of China, revealed that the Chinese government is concerned with criminal activities surrounding cryptocurrencies such as bitcoin. It emphasized that cryptocurrencies have become the “top choice” for underground economies and revealed that the government will take appropriate measures to regulate the market by implementing a licensing program and strict AML systems.
Why the Ban on Chinese Exchanges is Not Beneficial for the Government
Last month, the Chinese government, the People’s Bank of China (PBoC), and local financial regulators imposed a nationwide ban on cryptocurrency exchanges. Consequently, the price of bitcoin fell to $3,000 and the cryptocurrency market endured a major correction.
Since then, the global cryptocurrency exchange market has restructured as the majority of trading volumes from China moved to neighboring markets such as Japan and South Korea. More to that, the Japanese government officially authorized 11 cryptocurrency exchanges in the same month, providing an efficient and well-regulated ecosystem for Chinese trader
Bro start working hard
hi bro i have upvoted your 4 post.please upvote my 4 post also.
https://steemit.com/@danishali6586
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://www.cryptocoinsnews.com/china-will-likely-resume-cryptocurrency-trading-by-licensing-bitcoin-exchanges/
Congratulations @abhisri4! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPNice post, please upvote four post and follow me and i will also upvote and follow you.
nice info bot.
i gollow & upvoted your all post.
so follow & upvote my top 4 post.
very nice
my link https://steemit.com/@rkanwal
upvote and comment
keep supporting each other.
NICE
My link http://steemit.com/@atcexperts
upvote and comment.
Congratulations @abhisri4! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPCongratulations @abhisri4! You have received a personal award!
Click on the badge to view your Board of Honor.
Do not miss the last post from @steemitboard: