Fri, August 19, 2022

The development of China’s cryptocurrency industry

Cryptocurrencies on a blu background

Digital currencies are becoming popular even in countries where governments are restricting the rights of their citizens. People have difficulties accessing websites that are blocked by the Chinese government. For example, Facebook and several popular sites are out of reach. It means that people are using VPN to get rid of such limitations. Nevertheless, the cryptocurrency market is evolving in China. It is no coincidence that the world’s largest cryptocurrency exchange entered the local crypto market.

Local authorities are also working on the national cryptocurrency project. The People’s Bank of China, which is the central bank plans to introduce national digital currency.

A piece of interesting information about this project is that China is developing its digital currency in cooperation with the country’s biggest banks. The technology company Tencent, as well as e-commerce giant Alibaba, are also working on this project. The involvement of famous Chinese companies will make it easier to attract customers.

The cryptocurrency market in China

Crypto industry in China

On the one hand, the cryptocurrency market is developing in China. On the other hand, China’s government banned Bitcoin and cryptocurrency exchanges in 2017.

It is essential to mention that 90% of all digital currency trading volume is under the control of the local crypto community. This happened before the government’s verdict.

In October, Binance launched a peer-to-peer Bitcoin and crypto trading platform in China. Alipay, which is part of Alibaba, released a statement about this platform. They warned customers that won’t accept Bitcoin as well as other cryptocurrency transactions. This statement underlines that the cryptocurrency market is facing problems in China.

Cryptocurrency news on October 17

Bitcoin, which is the number one digital currency in terms of market capitalization, struggled to deal with problems. Its price even fell to less than $8,000. On Thursday, Bitcoin’s price was slightly above $8,000. The price was $8,042.

Ethereum was also in a difficult position. Ethereum’s price was $176.

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