Bobby Lee said China’s crackdown signals the imminent cryptocurrency ban

Bitcoin (Bitcoin) Minimalist and Ballet CEO Bobby Lee recently discuss China continues to crack down on the impact of cryptocurrencies. Although the government supports the digital renminbi, Li said that Beijing has no interest in fostering the cryptocurrency industry.

Considering his conflict with the Chinese government during the campaign China’s first cryptocurrency exchange BTCChina, Lee said:

“It (China) hopes to regulate (cryptocurrency) in order to achieve its overall goal of digital renminbi globalization.”

He further stated that the Chinese government has not taken care of the huge external encryption system that exists in the region. While emphasizing a wait-and-see attitude, Lee emphasized that 2017 marked the beginning of an intensified regulatory review. At this rate, “I do worry that within 4-5 years, the country may completely ban it (cryptocurrency).”

In light of the surge in transaction volume, the government’s recent ban on cryptocurrency mining and related transactions appears to be aimed at preventing citizens from heavily participating in high-risk investments. With this idea in mind, Li said:

“Bitcoin is not a direct competitor of the digital renminbi. I don’t think the cryptocurrency industry will be affected by China’s correction.”

The decentralized global network of Bitcoin convinced Li that, in the long run, China’s position of accepting or banning cryptocurrencies will not affect Bitcoin or the cryptocurrency market. To help the audience understand Elon Musk’s recent move to adopt Bitcoin at Tesla, the experienced entrepreneur hopes to see more Fortune 500 companies add more Bitcoin and cryptocurrency assets to 2021. In their current portfolio.

Lee believes that the last straw at this time will be the complete ban on cryptocurrency and Bitcoin. But given the participation of mainstream companies and increasing government initiatives, China continues to restrict its internal encryption business operations while allowing individuals to hold and trade Bitcoin.

related: FTX reduced the maximum leverage from 101 times to 20 times to encourage “responsible trading”

Due to China’s recent encryption regulations for risky transactions, crypto companies have begun to take active measures to maintain their relevance in the ecosystem. According to CT’s recent report Related to this development, FTX announced that it will limit its trading leverage to 20 times, compared to 101 times previously.