Japan Approved 11 Bitcoin Exchanges and Chinese Traders Demonstrate Why In the upcoming months, the Chinese government’s imposition of a nationwide ban on local cryptocurrency exchanges and trading platforms could backfire if the government, People’s Bank of China (PBoC), and the country’s financial regulators do not resume cryptocurrency trading activities. Last week, in an interview with South China Morning Post, a Chinese cryptocurrency trader operating with an online alias known as “Victor” stated that many Chinese traders have been circumventing the government and its impractical regulations by investing in cryptocurrencies through over-the-counter (OTC) markets and off-shore or global bitcoin trading platforms.
http://www.newsbtc.com/2017/10/02/49568/ As what I have been saying all along, Chinese people are known to be creative and they can still find the many ways on how to bypass the control of the government and in this case the government is the loser because they can not anymore imposed some tax in any form. We are hoping then that the government will reconsider its stance in the coming months by instead imposing stricter regulations and making sure that everybody are following the rules.
We all understand that the China market is a big market and although we can all survive without it welcoming them back into the fold of Bitcoin's arms can be a big push for the cryptocurrency in general. We need all the markets to be opened for Bitcoin and we should welcome regulations in exchange for not banning the whole thing.
