Will China ban China in the long run?
Recent news has been inundated with China’s efforts to prohibit the proliferation of cryptocurrency within its borders. This ban has covered ICOs, cryptocurrency trading, cryptocurrency exchanges, even cryptocurrency related promotion and events.
The Chinese government’s next regulatory target: video games. The regulation intends to undertake the problem of ‘device addiction’ and to dissuade its youth and adults from playing online games. NewsBTC editor, Joseph Young calls these consecutive bans made by the government as being ‘trigger happy’.
China began its attempt at banning Bitcoin as early as 2013. A study from June 2018 says that its central bank and other related government offices has barred its local banks and citizens from ‘dealing in Bitcoins’, pricing their services and goods based on Bitcoin, accept or use Bitcoin, and trade Bitcoin against the yuan or any foreign currency (Page 107).
Other countries that have made an implicit or absolute ban on cryptocurrencies are: Ecuador, Vietnam, and Namibia (South Africa).