Why Decentralised Exchanges Could Succeed in China

By Jamie Green – Crypto Specialist

The crypto world has been buzzing recently due to China’s supposed ban. The move has received both backing and criticism because of the views that China has about owning, mining, buying and selling crypto.

However, some experts have praised the ban proposal, such as eToro senior analyst, Mati Greenspan, who has called it a ‘blessing in disguise’ not just for Bitcoin, but the entire crypto domain. He says that the price hike in the country’s electricity will result in Bitcoin’s price growth.

The ban for Bitcoin mining in China will certainly affect the country’s economy since China represents the largest market for computer hardware made specifically to mine various digital assets, especially Bitcoin.

Donald Tapscott, who is the Blockchain Research Institute’s executive chairman, claimed the official Chinese currency Renminbi (RMB) would soon be converted into a cryptocurrency. A sovereign digital currency would permit citizens to buy and sell cryptocurrency but might only be the digital Renminbi.

He further stated that he met up with the Communist Party’s Vice Chairman, who shared the views of the Chinese President Xi Jinping about blockchain and how it was linked with the country’s technological growth for the future.

When Tapscott was asked to give his views about the proposed cryptocurrency ban in China, he had this to say:

“It’s not really necessary to do that [to ban exchanges and mining] because in 20 years we are not going to be using Bitcoin”.

Tapscott goes on the say that the people will use the RMB and this will be the only cryptocurrency accepted in China and expressed the central bank is to turn it into a virtual currency.

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