China seems to be softening its hardline stance against bitcoin, says crypto services CEO

China seems to be backing off its hardline stance against cryptocurrencies, a serial internet entrepreneur told CNBC on Monday. "We have been seeing, from my vantage point, a softening in the Chinese stance towards crypto," said Jeremy Allaire, co-founder and CEO of crypto financial services firm Circle. He founded and formerly served as CEO of video streaming provider Brightcove. He was also a technologist at General Catalyst, a Cambridge-based venture firm.The Chinese government in 2017 started to ban initial bitcoin offerings and shut cryptocurrency trading exchanges.But as global interest in crypto rises, and large names, like Facebook, are backing their own digital coins, China may be looking to join the movement.In mid-July, a Chinese court legally recognized bitcoin as digital property. Shortly after that, the state-owned Bank of China started marketing about bitcoin and cryptocurrencies. "There is a lot of Chinese national participation in this market," Allaire said, referring to…

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