Breaking News
0

Chinese Crypto Firms Unfazed by Bans, Eye Sector Innovations

Cryptocurrency NewsJul 05, 2018 05:01AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Chinese Crypto Firms Unfazed by Bans, Eye Sector Innovations

When it comes to China, the attitudes toward crypto projects look opposed. On the one hand, strict capital controls led to the crackdown on exchanges. A ban on locally-based Initial Coin Offerings (ICOs) further cut down optimism that China would allow the proliferation of crypto.

But in fact, China remains the powerhouse of trading and new projects, transforming its stance over the past nine months. The Chinese exchange and ICO ban turned out to be a flash in the pan, swallowed by the renewed enthusiasm and the record trading and prices in December and January.

Among the survivors are the current hot exchanges, Binance, OKEx, and Huobi, which replaced trading against the Chinese Yuan for other pairings, including Tether (USDT), as well as exchange-based tokens, successfully replacing the lost liquidity.

Another giant may be returning, BTC China, or BTCC, one of the top exchanges that saw a slower transformation into a new type of marketplace:

https://twitter.com/_blockandchain_/status/1014174479470166016

Innovative exchanges are only one way that China will stoke the fires of the crypto world. Together with Korea, trading and liquidity are building the confidence that crypto is here to stay.

“When it comes to crypto, China is a central focal point these days for investors and entrepreneurs alike - much of the innovation, dynamism, and cash fueling advancing cryptocurrencies and blockchain emanates from this crypto epicenterm,” said for Cryptovest Eiland Glover, CEO of Kowala, an autonomously stabilized cryptocurrency.

The other promise of China relates to the prominent platform coins: NEO, TRON (TRX), QTUM, and smaller projects.

“Expect to see more projects work more closely with the Chinese government to create the infrastructure — complete with thorough government oversight — required for a nation with China’s technological and geopolitical ambitions. Neo, a Chinese challenger to Ethereum, has already taken this approach with great success,” said Glover.

The recently dropping hashrate of Bitcoin also showed the influence of China - the floods in Sichuan province that wiped out ASIC farms took down the BTC hashrate from more than 44 million TH/s down to 30 million TH/s. And of course, China is the home to Bitmain, seen as the hegemon in ASIC production, way ahead of smaller companies who may have difficulties catching up as the mining arms race continues. Chinese ASIC production has boosted several blockchains who now see the inflow of new machines, and many have accepted the move to farm mining, including ZCash (ZEC), and Decred (DCR).

And the Chinese government itself is releasing a monthly rating of what it considers the most innovative crypto coins. One thing is certain - China is not looking for a way to suppress crypto, but to use it in the right way.


This article appeared first on Cryptovest
Chinese Crypto Firms Unfazed by Bans, Eye Sector Innovations
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email