It Is Neither Realistic Nor Feasible To Ban Bitcoin: China’s Leading Newspaper

Major Chinese news outlet People has released an article stating it is “not feasible” to ban Bitcoin in China.

According to the author, Guanghua University professor Liu Xiaolei, authorities should only be concerned about cryptocurrency’s potential to increase speculative moves in the domestic economy.

“Given the decentralized p2p trading characteristics of cryptocurrencies such as Bitcoin, it is neither realistic nor feasible to ban Bitcoin,” Liu wrote.

“...If Bitcoin has no value in the real economy, but rather only the value as a speculative investment, then limiting the speculation will help funds from Bitcoin speculation to return to the real economy.”

The comments came as part of a broader opinion piece on ICOs, which China banned outright last week.

Concerns are also mounting that Bitcoin-to-fiat exchange will also stop once again - these having influenced cryptocurrency prices considerably despite a lack of official information.

On the topic of exchanges, Liu agreed controls should be in place, saying it is “entirely feasible and necessary to strengthen the supervision of trading platforms for cryptocurrency.”

On ICOs, however, warnings remain, echoing continued suspicion from an increasing number of international regulators releasing official warnings to potential investors.

These most recently included Canada, the UK and Hong Kong.


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