The CEO and co-founder of BTCC, Bobby Lee, spoke to CNBC about the future of cryptocurrency in China. He believes it is just a matter of time before China lifts crypto exchange ban. Earlier BTCC was dealing with China's longest-running bitcoin trading operations. The CEO and co-founder said: "In this world, nothing is ever permanent. One day I think it's possible they will lift the ban, so called, and they might reinstitute it and license it. Frankly speaking, I do not know what kinds of time frame that is, whether it is a few months, a few years, or even a few decades. It is hard to tell."
Initiated by an unwanted crackdown from the government side, China cracked down on cryptocurrency operations (bitcoin trading and initial coin offerings) in September 2017. As per People's Bank of China, such activities may pose major financial risks to the world's second-largest economy. Following this, other Asian countries, South Korea and Vietnam reportedly set to ban the use of anonymous cryptocurrency accounts. Vietnam becomes the latest nation to push a ban on cryptocurrency.
Criticized it as deceptive, the lawmakers in South Korea is aiming cryptocurrency exchange ban. ''We are actively considering ways to rule out transactions on domestic exchanges by judging virtual currency trading as a deceptive means of defrauding people under the penal code," the publication quotes an official as saying. As per local news outlet Hankyung, the South Korean government is currently looking at changes to the law which would effectively criminalize exchanges in a method similar to China. "The more the governments and the regulators tried to put a squeeze on bitcoin, the more we see that bitcoin is resilient," Bobby Lee added. Recently, China government criticized People's Daily — a Communist Party mouthpiece — for running an editorial as "flooded with froth."