Saturday, October 1, 2022

China’s Ban Will Not Affect Crypto Market In Long Run: Bobby Lee

Bitcoin maximalist Bobby Lee, who is also the CEO of Ballet, recently shared his views on China’s crackdown on cryptocurrency. He mentioned that even though the government supports the digital yuan, it would not support and nurture the crypto industry in the country.

Lee operated China’s first crypto exchange BTCChina for a certain time period, and during that time, he had some collisions with the Chinese government. While considering those collisions, the Bitcoin maximalist said, “It (China) wants to regulate (cryptocurrencies) to achieve its overarching goal of globalization of digital RMB.”

He further mentioned that there has been a vast ecosystem of cryptocurrency in the Chinese region, and the government does not support it. 

As per the report, the government started to strengthen its regulatory investigation on the Chinese crypto industry in 2017. 

Notably, since then the investigation is being operated at a very great pace. Now, Lee fears that in 4-5 years, China might completely ban cryptocurrency in the country.

It appears the recent ban on crypto mining activity in China has been imposed to stop citizens from getting involved in these high-risk kinds of investments.

While explaining this thought further, Lee, additionally said, “Bitcoin is not a direct competition to the digital yuan. I don’t think that the cryptocurrency industry will suffer from China’s pullback.”

Lee stated that cryptos have a decentralized nature, therefore, it does not matter whether China would accept it or ban it because none of them are going to affect the crypto market in the long run.

 

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