This week the founder and CEO of the trading platform BTCC, Bobby Lee, was featured on the broadcast ‘Squawk Box’ and spoke about last year’s banning of Chinese bitcoin exchanges. Lee believes that it’s “only a matter of time” until the central bank will allow cryptocurrency exchanges to open up shop again.
BTCC’s Bobby Lee Is Optimistic About the PBOC Lifting the Cryptocurrency Exchange Ban
Last year during the first month of 2017 China’s central bank initiated its first crackdowns against domestic bitcoin exchanges. At first, the People’s Bank of China (PBOC) implemented a variety of regulatory guidelines but then a few months later they banned the trading platforms from trading digital currencies against the renminbi. At one time the trading platforms were the largest in the world, but Chinese exchanges haven’t traded virtual currencies in months, and the country’s leading position is now gone. However, the founder of the Chinese exchange and mining pool, BTCC, explains the PBOC will eventually lift the crypto-ban.
“In this world, nothing is ever permanent,” explains Bobby Lee on the video broadcast ‘Squawk Box.’
One day I think it’s possible they’ll lift the so-called ban, and they might reinstitute and license [exchanges].
Many Chinese Exchanges Have Moved Operations Abroad
Domestic exchanges trading digital currencies is now virtually non-existent according to the world’s trading engine statistics. Many of the Chinese exchanges positioned themselves in other countries like Hong Kong. Just recently the former largest Chinese bitcoin provider in the world, Huobi, announced starting two exchanges in Japan. BTCC’s Bobby Lee says his firm has removed themselves from the Chinese bitcoin exchange realm, and the company is focused on its international payment project Mobi…