China is generally known for curbing down the crypto businesses in the country and has made reasonably strict regulations in the past for the industry. But from the past few months, things are changing China has developed a soft corner for the cryptocurrency. In July, A major court in China defended the bitcoin by declaring it a property.
China previously banned the Initial Coin Offerings in the country and tightened the regulations on exchanges. A few weeks after Court recognized bitcoin as property, China’s state-owned bank posted a pro bitcoin article on its website. The report explained the history and functioning of the cryptocurrency. Blockstrea CSO tweeted the screenshot of the article saying “Bank of china posted an article about bitcoin.”
The crypto community has welcomed China’s changing approach towards the cryptocurrency. It is too early to say how China is officially going to adopt the crypto industry. According to a Forbes report, if China opens its gate for bitcoin and crypto industry, it might lead to the mainstream adoption of the cryptocurrency.
Some reports have also suggested that China’s central bank, the People’s Bank of China, is developing its own state-backed cryptocurrency. Demand for cryptocurrencies have also increased in the Chinese private sector, recently CEO of Chinese phone company Huawei, Ren Zhengfei, said that country needs to issue its own cryptocurrency to compete with Facebook’s Libra.