Chinese bitcoin traders still wield ‘enormous influence’ despite Beijing’s 4-year crypto crackdown

GUANGZHOU, China — Chinese bitcoin traders continue to thrive despite Beijing's four-year crackdown on cryptocurrencies, experts told CNBC.On Friday, Chinese Vice Premier Liu He said it is necessary to "crack down on Bitcoin mining and trading behavior" to prevent risks to the "social field." For a long time, Chinese authorities have been concerned about the speculative nature of cryptocurrencies and their risk to the stability of the financial system. The vice premier's latest comments have sparked fears of an intensified crackdown.But tough words from Beijing are not new. In 2017, China shut down local cryptocurrency exchanges and banned so-called initial coin offerings (ICOs), a way to raise money for crypto companies by issuing digital tokens. In November 2015, about 92% of bitcoin trading was done with the Chinese currency renminbi, according to data from CryptoCompare, a cryptocurrency data company. Chinese traders had the ability to move the market quite significantly…

Read the original article here