China is completely rid of cryptocurrency business with the exception of the miners

Last year, China announced a large-scale war of the cryptocurrency industry by releasing a complete ban
to conduct ICO, and trade cryptocurrencies on the territory of the country. Now, the Chinese government claimed complete victory over the industry, saying that the work of all the companies in this field were stopped.

According to Reuters, the largest financial regulators in China, including the people’s Bank of China (PBOC), has promised
closely monitor private lenders, stock companies and firms engaged in trade in futures. These steps have been taken to prevent malicious methods of fundraising, and ensure that firms are not charged investors excessive interest rates.

China’s efforts in respect of the cryptocurrency sector should be partly linked to scams that take advantage of the decentralized and unregulated nature of cryptocurrencies around the world. In China was uncovered not one fraudulent cryptocurrency scheme – for example, was recently caught
the organizers of the pyramid for $ 13 million.

China, the former cryptostiline the world, which accounted for more than 75% of the global total of cryptocurrency trading, shocked the world on 4 September 2017, releasing a ban
to conduct the ICO in the country, and soon ceasing
the work of cryptocurrency exchanges. At the time, many thought it was the beginning of the end of the cryptocurrency market, as this news has seriously affected the rate of most coins.

«Now we should do one thing – to stand by and watch as the bitcoin corpse floats past us,» said Vice-President of NBK, Gongshen pan (Pan Gongsheng) in 2017.

However, the markets virtual currency had overcome the confusion, and the price of bitcoin soared, reaching $ 20,000 in three months after Chinese ban.

In February this year it was reported that China plans to block access to foreign cryptocurrency exchanges and trading venues still operating in the country, including OTC platforms and P2P platforms. However, despite all the efforts of the authorities, citizens still find ways to eat forbidden «kryptopad». In March there appeared information that the government has renewed a restraining policy and the beginning of the block
the accounts of some exchanges in social media after he found that the citizens of China are still participating in ICO and kriptoloji through social networks.

Severe regulatory actions may in part be connected with the interest of the country to the national currency. China is well aware of the inherent advantages of money based on the blockchain, and he managed to create an inhospitable environment for decentralized coins. Thus, if the government finally will release their digital yuan, the centralized bitcoin will have to compete with public.

«The development of the digital economy needs a digital currency issued by the Central Bank. It is essential to accelerate its research and production,» said
Yao Qian (Yao Qian), head of the research division of the NBK in November 2017.

Regardless of China like it or not, he lost his position of leader of the cryptocurrency industry, maybe forever. It is increasingly evident that nothing can leave the bitcoin revolution – can only choose to join in or be left behind.

It is noteworthy that although China has persistently and consistently restricts the cryptocurrency trading, bitcoin mining in the country still feels great. Chinese remain the largest pools in the world, and the company Bitmain remains a de facto monopoly in the production of ASIC miners. Occurred in the past year, concerns about a possible ban on mining in up the trade was never confirmed. It seems that the government is not even concerned with how and to whom the miners sell mined coins. However, the miners in advance of looking for escape routes.

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