- China might still regulate Bitcoin
- Crypto regulation is a hot topic in the ecosystem and a complicated endeavor
- China to turn to BTC regulation after completing its foreign exchange reforms
Cryptocurrency News Today – It appears China may still regulate Bitcoin after all. It is well known in different regions that crypto regulation is a highly complicated and controversial endeavor. Many experts and commentators, as well as the community at large, are hoping to see a form of solution for crypto regulation emerge from China.
Now, this report shows that such expectations may not be farfetched as china might soon turn to Bitcoin regulation. This is closer than we think. This solution would ensure that Bitcoin and other digital currencies that have proven difficult to regulate much easier to regulate by regulators.
What we know about China and Bitcoin Regulation
Primarily Chinese government officials appear to struggle with the concept of regulating Bitcoin, even though a solution may well be in hand. Right now, the Chinese authority has started to reform its foreign exchange markets. When this has been done, the regulation of digital assets won’t be so complex. Several sources who are familiar with the matter believe that the reforms will likely help to sort out any regulatory issues relating to Bitcoin and other cryptocurrencies. By embarking on this new research initiative, it is safe to conclude that the situation regarding the regulation of cryptos can come to an end once and for all.
Hence, we can agree that this is part of China’s renewed push for broader usage of Blockchain technology and adoption. However, how the foreign exchange markets and others will be regulated and revamped, remains uncertain. There are only very few details regarding the foreign exchange market reformation. Only very little information about the matter has been reported to the public as of December 26.
China is rumored to be developing a Central Bank Digital Currency
While China may yet regulate Bitcoin, there is also a long-standing rumor that the government-controlled state is in the process of launching a state-backed token or creating a central bank cryptocurrency. Details of this plan are scarce for now. However, the fact that experts and commentators, have quashed the reports and labeled them as rumors. Although things may be different in reality. The government has calmed nerves by stating that the reversal of the latest blanket ban that was placed on the trading cryptos in China shouldn’t be expected no matter the circumstances. With time, we will know the extent of the regulation of crypto by China as well as its effect on the overall crypto market.