China’s Crypto Ban Not Likely to be Short-Term, Says BTCC CEO


BTCC CEO Bobby Lee recently shared his views regarding China’s ban on trading cryptocurrencies, and it seems that he is more skeptical than most internauts. According to him, we should not expect China to change its mind soon and that the government’s goal was to hit Bitcoin prices.

He also contradicted rumors calling China’s ban a temporary one:

“I’ve heard variations of that rumor. I honestly don’t think that will happen in any short time frame. In life everything is temporary, so if it gets lifted in five years or ten years, well technically they are right. But it’s not in the time frame that we are thinking about – meaning two to three months. I don’t believe it’s a two to three months, even six months situation,” Lee said in an interview.

China’s “war” on cryptocurrencies started in September with a ban on initial coin offerings (ICOs), a new form of raising capital using blockchain technology and digital tokens. Soon after, we saw bans on cryptocurrency trading as well.

In the wake of these developments, Bitcoin’s price left its record high at $4,900 and fell to the $3,000 territory. However, the currency rapidly recovered its losses and even broke previous records, as rumors said that the ban was temporary.

Forbes recently voiced the same viewpoint:

“China’s ban on Bitcoin and other cryptocurrencies may be temporary, to appease international agencies and hardcore communist members ahead of the upcoming Communist Party convention,” wrote Forbes contributor Panos Mourdoukoutas.

However, BTCC chief has a different view. He said that the ICO ban was not temporary in the short-term context and that it was an excuse to shut down cryptocurrencies in general:

“It started as an ICO ban, and then I think it’s become a bigger story right; they wanted to ban the whole group,” said Lee.

He added:

“It’s really hard for the layman to differentiate what is an ICO token, what’s a traditional coin. Outside from Bitcoin, you have all these other altcoins – Litecoin, Dogecoin, Ethereum, Ripple – so where do you draw the line? What is truly an ICO? Ethereum had an ICO, but now it’s recognized in the blue chips category.”

“What they have done is the easy way. They took this chance to clean up the whole house for now. Things might change in the future, but we don’t know how long and we don’t know at what extent.”

On Tuesday, Lee told attendees at the Money20/20 conference in Las Vegas that China was deliberately trying to crash Bitcoin, but it’s so steady that “Not even Satoshi Nakamoto himself could make the prices go down.”



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