Why We Shouldn’t Pay Much Attention To Regulation In China, At Least For Now
Banning Bitcoin has thus far been mostly unsuccessful as both the price and the business continue as normal.
The rapid expansion in Bitcoin price and mainstream adoption through the latter part of last year was seemingly matched by an increase in scrutiny and reflection by government regulators in early 2018.
It has turned into a battle for some, a lesson in learning for others, and a chance to embrace for the remainder as different nations approach cryptocurrencies, and their associated facets such as ICOs and Blockchain technology, differently.
Many countries are still sitting on the fence, waiting to see how cryptocurrencies, and particularly Blockchain, can be utilized and implemented within their laws and regulations, while some, most notably China, have forged ahead with a harsh and hard-line approach. China has moved towards quashing cryptocurrency in three stages, first banning ICOs, then exchanges, and finally blocking foreign cryptocurrency sites from its citizens with a massive firewall to try and nail the coffin shut.
However, the successes of outright bans and hard-line regulation should really be questioned as Ronnie Moas, famed stock picker who has become somewhat of a champion for cryptocurrencies says that the fear and damage regulation does to the strength and price of Bitcoin is “only noise.”
No one-eyed approach
Moas, sporting an eye-patch due to a diagnosis of Bell's Palsy, a treatable a condition that causes temporary weakness or paralysis of the muscles in the face, spoke to Cointelegraph about the effect hardline regulation will have on cryptocurrency.
“I don’t pay too much attention to these [regulations].