Bobby Lee weighs the odds of a Bitcoin ban in China

Beijing is not inclined to develop the crypto industry, and the recent mining ban in China is aimed at steering citizens away from high-risk investments in digital assets. This view was expressed by Bobby Lee, cofounder and former head of BTCC, in a Bloomberg commentary.

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“It [China] wants to regulate [cryptocurrencies] to achieve its main goal — globalisation of the digital yuan,” he said.

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According to Lee, Bitcoin is not a direct competitor to the yuan. He conceded that the situation in China would not affect the crypto industry in the long term.

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However, Lee did not rule out that the next move by Beijing could be a total ban on owning digital assets.

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“We have long heard that cryptocurrencies are banned in China. Technically this is not true — anyone can own Bitcoin, buy and sell it. But when the price of Bitcoin reaches $500 000 or $1 million, China may completely ban it,” clarified the cofounder of BTCC.

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He noted that the probability of such restrictions stands at 50%. Lee also contends that Chinese authorities are concerned not with the ecological harm of Bitcoin mining but with the inability to regulate the asset.

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As reported, Galaxy Digital founder Mike Novogratz called the miners’ exodus from China a ‘big plus’ for the crypto industry.

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MicroStrategy CEO Michael Saylor noted that the restrictive measures on Bitcoin mining in the PRC were a geopolitical misstep by the authorities. He called this a ‘one-trillion-dollar mistake’.

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