Bitcoin and other digital asset operations are possible if citizens are prepared to assume such risk. At the same time, advertising of ‘profitable assets’ is to be tightened, writes 8btc citing the Chinese information agency Xinhua.
Such formulations ‘about the freedom to buy/sell cryptocurrencies’ appeared back in 2013 in a joint statement by various government agencies, the paper noted. It was signed by the People’s Bank of China, the Ministry of Industry and Information Technology, the China Banking Regulatory Commission, the China Securities Regulatory Commission and a number of other agencies.
According to Xinhua, regulating cryptocurrency trading requires a comprehensive approach. Different authorities must exercise oversight within their respective mandates.
Jason Choi, a partner at Spartan Group, in light of recent events, is convinced of the growing popularity of decentralized platforms such as Uniswap.
Hypothesis: if China further curtails the use of leverage on centralized exchanges, the primary beneficiary would be AMM exchanges built for long tail shitcoins https://t.co/N1drsKeYif
— Jason Choi (@mrjasonchoi) June 3, 2021
Canaan Creative took a stand against the indiscriminate crackdown on mining in China.
Officials in China’s Sichuan Province, one of the world’s Bitcoin mining hubs, held a seminar on the use of surplus hydroelectricity in conditions of the ban. The media reported that the meeting with local miners took place in a cordial atmosphere, but without adopting any resolutions.
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