Read in the news. "The ninth of September, the state newspaper Caixin published that the government of China is an ongoing debate on the question of suspension of activities of the bitcoin exchanges on the domestic market of the country. Three bitcoin exchanges the largest in China (BTCC, OKCoin, Huobi), said, confident that local regulators will not ban the trading platform. Head of strategic planning Blockstream and expert on cryptocurrency exchanges Samson MOU explained the situation. According to the economist, the statement said publication can be false, as for him not standing any reliable source. But many analysts believe that the edition had inside information obtained from government agencies."
I'm leaning towards the worst case scenario. China can realistically deny bitcoin in the country. and it will be just a magical event in the world of cryptocurrency. Shatter the myth of decentralization of cryptocurrency. And credibility just simply disappear..... Who can guarantee that you and your country authorities will not come to this decision?)
The cited report did not even suggest banning BTC or cryptocurrencies. In a way, the alleged directives highlight the decentralization of Bitcoin: they can only prohibit fiat markets and fiat gateways.
They cannot stop P2P cryptocurrency trade, and the report seems to openly acknowledge that. Okcoin, in response, said, "If the report is true, we'll stop BTC/CNY trades & become a P2P platform for digital assets."
https://twitter.com/cnLedger/status/906461180415197185The authorities prohibiting the use of Bitcoin was always a tragic scenario for
quick mainstream adoption, but not for Bitcoin itself. I think we are past the point (in terms of legitimacy) where one government prohibiting its use really matters in the long run.