China has lost its dominant position in the cryptocurrency ecosystem for some time. For many calm people, any decision of the Chinese government will have no major impact. At the same time, most markets will continue to respond negatively to regulatory news from China. Thanks to the government's latest efforts to crack down on encryption, the markets all had an impact of 20% on Tuesday. This is a very disturbing turning point, but that was expected.
In a way, no one should be surprised that the Chinese government will sooner or later crack down on cryptocurrency transactions. More specifically, the government has taken a very aggressive stance towards crypto-currencies in general in recent months. After banning the CNY trade, he also asked miners to move to a different country quickly. To continue the cryptocurrency trading services was the following, and that's exactly what happened this week.
To be more specific, the government is now targeting any service that facilitates cryptocurrency trading. It does not matter whether it's a regular exchange, a mobile application or an online service of any kind. Each of these services will be closed in the coming weeks, making it almost impossible for Chinese residents to acquire cryptos. Alternative platforms - other than CNY-based trading platforms - have become much more popular in recent weeks.
Pour le moment, il semble que les problèmes ne s’arrêteront pas là. Le gouvernement chinois a également un plan pour s’attaquer à toute personne ou entreprise qui fournit des services de tenue de marché, de règlement, de compensation ou de négociation centralisée. Les petites transactions peer-to-peer ne sont pas sur le radar de la Chine en ce moment, mais les choses sont toujours sujettes à changement dans ce pays particulier. Cela semble indiquer que LocalBitcoins est sûr pour le moment, bien que la plate-forme soit très populaire parmi les traders chinois de nos jours.
However, this latest crackdown by the Chinese government should not be so important to anyone who does not live or trade in China. This particular country has become a speck of dust in the world of cryptocurrency since the government decided to crack down on everything related to Bitcoin and altcoins. Meanwhile, Japan and South Korea have quickly become the new powers, even if things are not going as planned. China is anything but irrelevant for cryptocurrency right now, and none of its decisions are expected to impact the market.
As always, it is impossible to say exactly how this situation will evolve. China does not want to have anything to do with crypto-currencies, but the government could backtrack. After all, the financial industry is changing right now, and cryptocurrencies may very well play an important role in the process. Trying to isolate yourself from what may very well become the future of money is never a good idea. It remains to be seen what China will do.
In addition, it is clear that the Chinese government has a lot to clarify regarding this decision. For the moment, we still do not know what he sees as "centralized platforms" and how it plans to get these applications and service providers. There is no indication that there will be legal repercussions of any kind, but in China, you have to prepare for the worst at all times. It's unfortunate that this has led to this, but most cryptocurrency enthusiasts will not lose sleep for this.
https://steemitimages.com/0x0/https://steemitimages.com/DQmPNWwEt4GZFAeMaBL8FpE4MGNJEGU94UmZG8ZoSPd7dQc/image.png