hasyu
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China Admits Crypto Ban Is Difficult.

Tue Apr 17, 2018 10:13 am

Cryptocurrencies’ prices slid on Tuesday, with Bitcoin falling more than 1% but maintaining above the $8,000 level.

Bitcoin was trading at $8,036.5 by 11:50PM ET (03:50GMT) on the Bitfinex exchange, down 1.43% over the previous 24 hours.

Ripple’s XRP token traded 0.33% lower to $0.65681 on the Poloniex exchange.

Meanwhile, Litecoin added 2.24% to $130.37.

A report from The People’s Daily from China received focus on Tuesday as it said the Chinese Academy of Social Sciences admitted banning cryptocurrencies is difficult.

“Both the traditional “private currency” and the new “private currency” similar to Bitcoin have affected the “monetary power” of the monetary authorities of various countries. However, from a technical point of view, it is difficult to achieve a complete ban on digital currency,” said Yang, a representative of the Academy.

The People’s Daily is regarded as a mouthpiece of the Chinese government. Its remark signified the government’s stance.

Meanwhile, the head of the International Monetary Fund Christine Lagarde said the advance of Bitcoin and other digital currencies could make the global financial system safer.

She said the tools built using the technology behind Bitcoin – known as crypto-assets, had the potential to revolutionise the world of high finance by making it faster, cheaper and safer, but warned of the prospect of “inevitable” accidents.

“Because crypto-assets know no boundaries, international cooperation will be essential….The IMF can play a key role by offering advice and serving as a forum for discussion and collaboration in the development of a consistent regulatory approach,” she said.
#cryptocurrency #bitcoin

Roger Dumas
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Re: China Admits Crypto Ban Is Difficult.

Wed Apr 25, 2018 11:51 am

Eh yes! It will be easy in no way for China to forbid crypto currencies. In spite of the volatility which the market of the virtual currencies faces, the numerical currencies already made a place on the worldwide financial system. Investor in the crypto converts into cash on the site Cryptoswatch, I think just as you that constructed tools by using technology behind Bitcoin will revolutionise the world of high finance.

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FXTradingPro
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Re: China Admits Crypto Ban Is Difficult.

Tue Jun 19, 2018 6:09 pm

Here is an article on how China may reverse the ban on cryptos:

https://forexmarketslive.com/china-may- ... urrencies/
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Xtoyak
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Re: China Admits Crypto Ban Is Difficult.

Sun Apr 28, 2019 4:39 pm

Banning cryptos would be very difficult for any country. Simply because it is a system that is decentralised and cannot be easily traced by governments. Better option is to allow it but with regulation in place to halt illegal activities

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