China just can't decide if they like crypto or not
China has once again put restrictions on cryptocurrency; this time the 1 billion user, social media app WeChat. The billion dollar owners of WeChat, Tencent, stated that the accounts had been promoting ICO's and cryptocurrency trading. China's Cybersecurity Administration established an "interim provision" that restricts all social media platforms and instant messaging apps from spreading information that does not align with national interests and public orders. Other platforms affected are Huobi News, Deepchain and Coin Daily. In addition, China has ordered hotels, office buildings and shopping malls in Beijing to refrain from hosting cryptocurrency related events. Not only have they done all of this, but Bitcoin trading has been banned since last year.
Amongst all this madness, China has some of the best blockchain projects coming out of it. The irony of the situation is quite apparent. What about the cryptocurrency ratings released by The China Electronic Information Industry Development (CCID) Blockchain Research Institute? They seem to love cryptocurrency based on these reports yet ban any platform spreading information regarding crypto. Irony? I think so.
Regulation to this degree never works and people will find a way around it. When will China , or any government for that matter, learn? Honestly, when governments react like this towards something, it means it's a good thing. When bankers say cryptocurrency is bad, then you know it's a good thing. I guess any publicity is good publicity, right?