China, Digital Currency, and Filecoin’s Big Secret

[cloudrushus]

The price of Filecoin, like other digital currency, is always changing. The entire digital currency sector has taken a hit over the past few days with the news that China is no longer going to allow the use of digital currency starting in 2022.

However, according to Meltem Demirors, chief strategy officer at CoinShares, China banning digital currency is nothing new.

“This has to be the 20th time that China has banned bitcoin,” Mr. Denirors says. “There’s always something ‘different’ about the bans, but this happens all the time and it’s never really dramatic in the larger scheme of things.”

“You can only ban something once. Every ban after is an admission that you actually couldn’t ban it at all,” Demirors says.
Earlier in 2021, China said it would shut down digital currency mining equipment within the country and repeated its ban on Chinese financial institutions providing digital-related services. The People’s Bank of China said it also plans to step up monitoring of digital-related transactions.

 

[btaliat]

There is a rumor that China only ban crypto coins in order to promote their own digital currency. This can be affirmed as China was quick to launch her own coin not even after a month that the ban on crypto coin was announced in China then. Though these affected crypto traders but they have outgrown it.

 

[lizinti]

But to me, I was wandering on what technology is China developing their coin. The acceptability of a coin depends on its foundational Blockchain technology and varieties of exchanges that listed the coin.

If China banned Bitcoin or Ether, I believe their coin will lack credibility around the world also. They should find a better way of resolving their differences.

Cryptocurrency have come to staying, if not in china other countries are there very ready to welcome it.