[2017-10-02] China’s LocalBitcoins Platform Set an Unprecedented Trading Volume

[Vladdirescu87]

Bitcoin and cryptocurrency exchanges have always been irregular in China, especially when it comes to LocalBitcoin. Every now and then the volume changes. Last week the nation set a new all-time trading volume record on the LocalBitcoins platform . This shows that the demand for Bitcoin ceases to slow down in China. Furthermore, this shows that issuing a permanent ban on Bitcoin will never be in China’s interest.

Exchange of cryptocurrency in China for most customers is still a problem. China believes that they need to have a centralized intermediary which contradicts Bitcoins purpose as an unregulated, decentralized currency. After all, the centralized platforms can be targeted by the governments and financial institution.

https://coinidol.com/china-localbitcoins-trading-volume/

[BitHodler]

I firmly believe that Chinese exchanges at some point will be back to an operational state again. The government is well aware of the fact that it is impossible to impose a total ban on exchanges to halt the crypto growth.

If you force people to stop making use of something, they will hop over to the next best thing, and in this case it's peer to peer trading ~ in other words, less overall control in comparison to a fully regulated/licensed exchange.

That's something the Chinese government isn't planning to allow, and for that reason I believe that exchanges will come back, but then under a set of very strict rules they are subject to ~ no privacy for the user is the sacrifice.

[iamTom123]

I firmly believe that Chinese exchanges at some point will be back to an operational state again. The government is well aware of the fact that it is impossible to impose a total ban on exchanges to halt the crypto growth. If you force people to stop making use of something, they will hop over to the next best thing, and in this case it's peer to peer trading ~ in other words, less overall control in comparison to a fully regulated/licensed exchange. That's something the Chinese government isn't planning to allow, and for that reason I believe that exchanges will come back, but then under a set of very strict rules they are subject to ~ no privacy for the user is the sacrifice.

I agree a little with the Chinese decision to halt all the ICO within the country's jurisdiction but banning all Bitcoin exchanges was already too much. And since the government could not actually ban Bitcoin itself (they admitted this one), Chinese Bitcoin enthusiasts and traders are now flocking to LocalBitcoins as the best alternative for them to get involved with the King of the Cryptos. The government will always use its censor power but there are now better technologies to get away from the government censorship reach.

We should be hoping that by next year, the Chinese government can see the impractically of banning Bitcoin exchanges...they should instead implement stricter rules and regulations to somehow restrict and weed out bad players and just retain those who have proven their business integrity.

[Argoo]

I think that the Chinese government has already realized the futility of its decision to completely prohibit the circulation of crypto currency for its citizens. At the same time, it has not yet abandoned the attempt to make the crypto currency more centralized, which contradicts the very spirit and principles of the crypto-currency. However, it seems to me that China will no longer undertake with respect to the crypto currency such sharp draconian measures, which he planned to carry out earlier. Here we are talking about possible options for its regulation.