Bobby Lee says China’s crackdown signals an impending crypto ban

Jul 26, 2021

Bitcoin (BTC) maximalist and Ballet CEO Bobby Lee lately mentioned the influence of China’s ongoing crackdown on cryptocurrencies. Despite the federal government’s help for the digital yuan, Lee advised that Beijing had little interest in selling the crypto business.

Considering his clashes with the Chinese authorities throughout his time operating China’s first cryptocurrency trade, BTCChina, Lee stated:

“China (China) wants to regulate (cryptocurrency) in order to achieve the overarching goal of globalization of the digital yuan.”

He added that the Chinese authorities does not care in regards to the big cryptocurrency system within the area. Emphasizing the wait and see strategy, Lee pressured that 2017 marks the start of elevated regulatory oversight and at this tempo, “I’m afraid the country will be able to ban it completely in 4-5 years (cryptocurrency).”

The latest authorities ban on cryptocurrency mining and associated transactions seems to be aimed toward discouraging residents from getting closely concerned in high-risk investments because of the explosion in trading quantity. On this thought, Lee added:

“Bitcoin just isn’t a direct competitor to the digital yuan. I do not suppose the crypto business shall be affected by a withdrawal in China. “

Bitcoin’s decentralized global network has led Lee to believe that China’s stance on accepting or banning cryptocurrencies will have no long-term impact on Bitcoin or crypto markets. To help viewers understand Elon Musk’s recent move to introduce bitcoin at Tesla, the veteran entrepreneur hopes more Fortune 500 companies will add more bitcoin and crypto to their current portfolio in 2021.

Lee believes the final channel at this point would be a complete ban on cryptocurrencies and bitcoin. However, with mainstream corporate involvement and growing government initiatives, China continues to restrict its internal crypto deals while allowing individuals to hold and trade Bitcoin.

Related: FTX reduces the maximum leverage from 101x to 20x to encourage “accountable trading”

Due to China’s latest anti-risk trading crypto laws, crypto firms have began taking proactive steps to remain related within the ecosystem. According to a latest CT report on this improvement, FTX has introduced that it’ll restrict its trading leverage to twenty occasions, beforehand 101x.

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