Blockchain in China — The fallout after the crypto exchange ban

The People’s Bank of China (PBOC) banned initial coin offerings (ICOs) over three months ago at the start of September — declaring them as illegal public financing activities. This action has brought all of China’s ICO projects to a close — and has further required them to refund all initial funds to investors. Further to this, all of China’s bitcoin exchanges have been entirely shut down — including major players: Huobi, OKCoin and BTCC. Cryptocurrencies, blockchain platforms and related solutions have continued to flourish globally, despite the action of China’s policy makers. As such, we are left wondering what the outlook is for crypto solutions, specifically Blockchain, going forward in China — a legacy market leader and momentum builder in this innovative tech space.

Bitcoin exchanges in China have been shut down. However, despite pessimistic predictions that the Chinese ban would lead to a plummet in Bitcoin price across the globe, we have seen massive growth in Bitcoin of over 100% since September alone, most recently breaking through the 11,000USD/BTC level.

The question of how mining will be regulated in China has yet to be answered. As the biggest host nation for mining facilities this is a significant issue that must be handled delicately. A massive 70 percent of global hash power originates from Chinese mining pools — with Chinese based Bitmain operating as the dominant miner in the segment…

Read Full: Blockchain in China — The fallout after the crypto exchange ban