{"id":46706,"date":"2021-07-26T17:30:14","date_gmt":"2021-07-26T14:30:14","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=46706"},"modified":"2025-09-01T17:45:04","modified_gmt":"2025-09-01T14:45:04","slug":"bobby-lee-weighs-the-odds-of-a-bitcoin-ban-in-china","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bobby-lee-weighs-the-odds-of-a-bitcoin-ban-in-china\/","title":{"rendered":"Bobby Lee weighs the odds of a Bitcoin ban in China"},"content":{"rendered":"<p>Beijing is not inclined to develop the crypto industry, and the <a href=\"https:\/\/forklog.com\/en\/news\/sichuan-miners-ordered-to-halt-operations-by-june-20\">recent mining ban<\/a> 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 <a href=\\\"https:\/\/www.bloomberg.com\/news\/articles\/2021-07-25\/early-crypto-mogul-says-china-crackdown-may-lead-to-outright-ban\\\">Bloomberg<\/a> commentary.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cIt [China] wants to regulate [cryptocurrencies] to achieve its main goal \u2014 globalisation of the digital yuan,\u201d he said.<\/p>\n<\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>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.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>However, Lee did not rule out that the next move by Beijing could be a total ban on owning digital assets.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cWe have long heard that cryptocurrencies are banned in China. Technically this is not true \u2014 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,\u201d clarified the cofounder of BTCC.<\/p>\n<\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>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.<\/p>\n<p>\\n\\n\\n\\n\\n\\n\\n<\/p>\n<p>As reported, Galaxy Digital founder Mike Novogratz <a href=\"https:\/\/forklog.com\/en\/news\/mike-novogratz-exodus-of-miners-from-china-will-benefit-the-industry\">called the miners&#8217; exodus from China a &#8216;big plus&#8217;<\/a> for the crypto industry.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>MicroStrategy CEO Michael Saylor noted that the restrictive measures on Bitcoin mining in the PRC were a geopolitical misstep by the authorities. He <a href=\"https:\/\/forklog.com\/en\/news\/microstrategy-ceo-calls-chinas-bitcoin-mining-crackdown-a-trillion-dollar-mistake\">called this a &#8216;one-trillion-dollar mistake&#8217;<\/a>.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\\\"\/\/telegram.me\/forklog\\\" target=\\\"\u201c_blank\u201d\\\" rel=\\\"\u201cnofollow\u201d noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Beijing is not interested in developing the crypto industry, and the recent mining ban in China is aimed at keeping citizens from high-risk investments in digital assets. This view was expressed in a Bloomberg commentary by Bobby Lee, cofounder and former head of the BTCC cryptocurrency exchange.<\/p>\n","protected":false},"author":1,"featured_media":46707,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1305,743,133,1306,1138],"class_list":["post-46706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-ban","tag-bobby-lee","tag-china","tag-mining-ban","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/46706","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=46706"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/46706\/revisions"}],"predecessor-version":[{"id":46708,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/46706\/revisions\/46708"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/46707"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=46706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=46706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=46706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}