The financial and housing regulatory authorities in Beijing issues a warning letter for its citizen engaging in cryptocurrency businesses. However, prominent crypto analyst and CEO of Sino Global Capital, Matthew Graham says that the letter is more of a ridicule in the country itself.
The warning extends to service provides, investors and other interested entities in cryptocurrency with the country’s growing interest in Blockchain.
The entities who are signatory in the warning letter are: The Beijing Local Financial Supervision and Administration Bureau, the Business Management Department of the People’s Bank of China, the Beijing Banking and Insurance Regulatory Bureau, and the Beijing Securities Regulatory Bureau.
A Law with No-Effects
While the warning sounds like a sell signal for the industry, leading analysts shuns the rule altogether. According to Matthew Graham, even the mainstream media in China is least concerned by the ban imposition. He tweets,
Number of f*cks given in China by anyone except possibly Beijing-based blockchain media: zero
Moreover, he also notes that the letter invokes the exact opposite sentiments that it actually meant to spread. He cites the registration of a new Blockchain firm and even an awards conference in the same city.
Meanwhile on the same day a Beijing crypto awards event. If you don’t understand that China is a land of contradictions, you’re not doing it right 🙂
The tricky thing abt litigation in China is – it can always place the rule of man, above rule of law
As reported earlier, she has also noted in the past that there is an actual “Chinese market front running in the eyes of western community.” According to her, the west gets to know of regulations and announcements in China usually as an after effect. She noted,
West can have their own reads (like the Xi thing, recent regulatory tightening etc), the actual severity is always subjective
Furthermore, David Puell also recently noted that Asia has wrecked the west in the recent times.
Last but not least, since the letter itself only includes a warning and no restrictions, it is safe to say that it will have a minimum effect on crypto-markets.
Do you think the west is running behind the Chinese crypto markets? Please share your views with us.