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Is China Secretly Nationalizing the Bitcoin Industry?

There have been conspiracy theories suggest that the Chinese government attempts to nationalize the bitcoin ecosystem after China’s ban on ICOs and crypto services. But no evidence has shown that the PBOC or other supervisory authorities are working to monopolize the bitcoin world as they have generally done in other sectors.

However, this National Holiday witnessed the born and spread of rumors indicating that the watchdog is taking actions to manipulate the market.

binance rumorOn October 8, two official WeChat accounts posted pictures claiming that Binance released the latest version of the app for iOS with the ID of Ping An Bank Co., Ltd., which caused a huge buzz on Chinese social media.

Facing the barrage of doubts, He Yi, CMO of Binance, replied on Weibo that it has become so cheap to start a rumor and they only worked with one of Ping An’s subsidiaries. But the post has been deleted now.

According to the announcement on Binance, the latest version of its application was released on Sept 11th. And the developer is Shenzhen HetangSmart Co., Ltd. But I failed to get any information about the company except that they are a smart watch producer.

shenzhen hetangsmartAnother rumor during the holiday is that CNBTC (literally China Bitcoin) has been purchased by the CITIC Asset Management Corporation Ltd and relative news will be released in October.

But when I talked with an employee at CNBTC, he asked me that:

“What’s the point of the acquisition when the exchange must be shut down?”

Anyway, he added that the new platform will be likely to have shareholders, but they haven’t received any notice on such acquisitions.

With China’s clampdown on ICOs and exchanges, optimists believe that China will reopen exchanges with a license. But the vast majority in the community choose to explore foreign markets.

Bter has changes its name into gate.io and Yunbi BigOne on which all tokens delisted from the platform are available. Creator of TRON is now in the USA saying he wants to focus on the development. And the Hcash team is working to be listed on new exchanges.

 

COMMENTS(7)

  • BitcoinAllBot
    1 week ago BitcoinAllBot

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

  • crispain
    1 week ago crispain

    Knowing china, it wouldn’t be beyond them to nationalize exchanges, like they would other big companies.

  • forsayken
    1 week ago forsayken

    “secretly”

  • CryptoGordo
    1 week ago CryptoGordo

    Because…ya know, Communism.

  • starbucks77
    1 week ago starbucks77

    Huh? Why is everyone acting like this is a surprise? China has strict laws on it’s citizens finances. You can’t move money out of China without government approval, and they have no laws to protect citizens privacy. Quite the opposite.

    Cryptocurrencies allowed chinese citizens to bypass those controls. Send money anonymously and out of the country. Did anyone actually believe that they were just going to look the other way forever?

    All of China is nationalized, no hyperbole, it’s just some things are less overseen than others. But money? Banks and exchanges? Those are the most regulated industries aside from information itself (great firewall, etc).

    It was naive to assume China would never crack down. Articles like these just show how naive the author was regarding Chinese business, economics and law.

  • BakGikHung
    1 week ago BakGikHung

    Not really nationalized. More like inserted a bunch of hooks in the right places.

  • 22 hours ago richardamullens

    Thank you Cindy very much for writing these interesting articles.
    For your information you should say
    “this National Holiday witnessed the birth and spread of rumors”
    (not born)

    One can say I was born on xx/xx/xx – that was the day that my mother gave birth to me.

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