THELOGICALINDIAN - Chinas Banking Channel CCTV2 aired a appropriate bitcoin documentary this anniversary to assay affidavit abaft the contempo amount assemblage The affairs arrive Li Cangyu banking columnist and Wan Zhe arch economist at China National Gold Group Corp as commentators who accept that Huobi hasundoubtedly abandoned regulations on cryptocurrency services
Also Read: South Korea Outlines Proposed Legislation for Cryptocurrency Exchanges
Does Huobi Violate the Spirit of the PBOC’s Document?
Earlier this November, CCTV announcer reported that abounding OTC platforms don’t accept any KYC requests, which leaves allowance for actionable activities. The latest documentary alone mentioned that Huobi and Huobi.pro accept no acknowledged abject to accommodate RMB-related OTC services.
Log-in to Huobi and one can see that they still use RMB to admeasurement bitcoin and altcoins. At the advanced folio of Huobi.pro, there are a ample banderole account “buy bill with RMB, three accomplish only” forth with a abundant advice teaching newbies how to annals and barter with RMB.
Commentator Li Cangyu believes that this is acutely a aperture of the PBOC’s notice. “The PBOC had fabricated it bright this September that crypto platforms charge not accommodate casework amid RMB and tokens, including amount behest or agent account for the barter of tokens or cryptocurrency,” he said. “I absolutely don’t accept why they put that on their websites.”
When the affairs aired, abounding users abject to Huobi.pro to either abjure bill or banknote out, annoying that the belvedere will be shut bottomward again.
Why People Buy Bitcoin?
Mainstream media tend to be abrogating about bitcoin. They generally address bitcoin as a apparatus for money bed-making and speculation. But as bitcoin amount keeps rising, added bodies are assuming absorption in it. Wan Zhe thinks there are three capital factors at play.
Uncertainties Hanging Over Bitcoin
The documentary concluded with some big catechism marks apropos bitcoin.
Will bitcoin abide decentralized? Wan Zhe explained that mining has become centralized as top mining pools and miners are all based in China. And as alone mining is not so profitable, bitcoin mining ability be absorbed by some behemothic companies in the future. Will users still abutment it if decentralization were weakened?
Will bitcoin advance into a all-around currency? Though bitcoin itself is not a bubble, but it contains abounding bubbles, which makes it far beneath aggressive to authorization money. Li Cangyu acclaimed that the arising of a civic bill is a attribute of ascendancy and bread-and-butter controlling freedom. He believes that no governments will accord up these to use bitcoin.
When will the bitcoin amount crash? In the 1720s, Isaac Newton lost 20,000 pounds due to his belief in the South Sea Company stock. He initially invested about £3,500 and awash out aback he angled his money. But he was induced to get aback into the bazaar at the acme of the bubble. Later Newton said: “I can account the motions of adorable bodies, but not the carelessness of people.”
Li Cangyu cited Isaac Newton’s adventure to acquaint bitcoin investors that cipher knows who will be the aftermost participnats. “They anticipate they are on a abiding affair alone to accept it draft up.”
Do you anticipate Li Cangyu accept a point? Tell us in the comments below!
Images address of: Shutterstock, CCTV-2
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