Will we soon see a rebirth of crypto trade in China?
According to a Chinese news platform for crypto news,
something could soon move on to the crypto market in China.
Tuesday, October 31, is the deadline set by the Chinese central bank when the crypto exchanges that operate from the People's Republic will cease operations.
The three most important crypto exchanges, BTCC, OKCoin and Huobi, were able to prepare for this regulatory measure, which had already been announced in mid-September, accordingly, and can now follow the step in an orderly fashion.
A long before fixed process...
In fact, however, just on the eve of the last official CNY crypto trading on Chinese stock exchanges on the day before, the rumor that the ban soon fell back, or at least bypassed.
As the Chinese crypto news site cnLedger put it on Twitter, the crypto exchanges OkEx and (presumably) Huobi-Pro will soon enable Bitcoin's peer-to-peer trading in various Fiat currencies.
The news side suspects that the Chinese yuan renminbi will also be among the traded fiat currencies.
The advantage of the mentioned crypto-exchanges is that they are not registered in China and, accordingly, are not affected by the "voluntary closure" of the Chinese crypto exchanges. The similarity between the names of the two emerging cryptographic exchanges and tomorrow's OKCoin and Huobi does not seem to be a coincidence - even if their independence is emphasized. It looks as though the grace period granted to stock exchanges in mid-September has been used sufficiently to ensure the smoothest possible continuation of crypto trading in China.
In the run-up to the party congress of the Communist Party in October, a major political event in which the course is set for the next five years, it had already been speculated that the regulations on cryptocurrencies could be eased in the wake of a personnel chaos in the intra-party leadership cadre. The now possible future circumvention of the prohibition on crypto-trading on Chinese stock exchanges could be seen as a first step in
the direction of easing tighter regulation in China.
In the run-up to the party congress of the Communist Party in October, a major political event in which the course is set for the next five years, it had already been speculated that the regulations on cryptocurrencies could be eased in the wake of a personnel chaos in the intra-party leadership cadre. The now possible future circumvention of the prohibition on crypto-trading on Chinese stock exchanges could be seen as a first step in the direction of easing tighter regulation in China.
Source: https://www.btc-echo.de/geruecht-wird-der-krypto-handel-in-china-bald-wieder-moeglich/
peace love and steemit, Harimbadl