"Cryptocurrencies are future" this is an idea that no one can deny and as the time is passing more and more countries are accepting the truth. Time will come when this will become a fact as the Governor of Central Bank of China has stated that they are not in hurry to regulate concurrency however they admire the fact that cryptocurrencies are not going anywhere and they will have to adopt them in the future.
There are some genuine concerns of Central Bank's Governor Zhou Xiaochuan which are not letting China to regularize cryptocurrency. Speculation is the main concern of Chinese government that according to them will have negative effect on the user who will use it as a currency.
At present time They are not allowing any Chinese to buy or sell cryptocurrencies even through social media exchanges. They have ordered to close any account that belonged to social media exchanges.
China needs to make up their mind lol, they ban, they endorse, they say they're going to create their own crypto, they ban again. I can't wait for the day when cryptocurrency is normalized. I think we still might be pretty far off from that though. So they have completely banned all trading at this point? Do you know for how long?
Well it seems great news, so tomorrow is the turn of banning cryptos!
The Chinese government wants cryptos dead since it does not control it. Communists like controlling things.