How likely will Chine allow Bitcoin trading?

Bitcoin for me, it is close, it is far. I got to attend  many seminars talking about Bitcoins this summer break and I learned some knowledge about it. There are some people predict that China will resume allow Bitcoin trade again.

19th National Congress of Communist party of China, the most important conference in China every year. From the conference, there are many temporary regulations and policies are canceled, and the shutdown of Bitcoin trading in China might be the one among the regulations.

Chinese government is concerned with criminal activities surrounding cryptocurrencies such as bitcoin. They are worrying about that Bitcoin 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.

Ban of Chinese Exchange is not good for the Government

The ban of bitcoin policy has restructured as the majority of trading volumes from China moved to neighboring markets such as Japan and South Korea.  More than that, the Japanese government officially authorized 11 cryptocurrency exchanges in the same month, providing an efficient and well-regulated ecosystem for Chinese traders. aAs a result, the bitcoin price has recovered from $3,000 to $4,000.

The  Ban of Exchange is impossible

Xinhua News, official press agency of CN: Virtual currencies have become the top choices of underground economies. We shall adopt “0 tolerance policies”   towards crimes hidden underneath and take measures such as record-keeping, licensing, AML process, real-name, limiting large transactions.” However, it is impossible to execute a zero-tolerance policy on cryptocurrency crimes. In addition, the ban on cryptocurrency exchanges have not stopped Chinese investors from buying and investing in cryptocurrencies.

” The ban did not stop them from buying cryptocurrencies in the last few weeks, we have seen a lot of mainland customers opening up accounts at TideBit. They still want to play the game. I see a growing need in that they will come to Hong Kong or Singapore to buy cryptocurrency,” said Terence Tsang, cheif operating officer at TideiSun. ”