The Chinese Government claims that their cryptocurrency ban is successful. However, it appears that traders are capable of finding new ways to bypass the ban and help exchanges to avoid being shut down so Chinese citizens can trade uninterrupted.
Shanghai Securities Times reported that at the end of August authorities have blocked access to exchanges that still operate illegally and blocked more than 120 offshore exchanges that provide services for Chinese citizens. However, offshore exchanges regularly changed their domain names in order to avoid detection and moved servers in countries outside China.
Following the so-called successful ban, the government shut down high-profile exchanges and crypto projects and scaring citizens away from the crypto market. Despite the many efforts of the Chinese regulators, it is very unlikely that the government will be fully able to forbid all access to crypto exchanges.
The COO of TideBit, Terence Tsang said in an interview: “The latest warning and potentially increased monitoring of foreign platforms is targeted at a batch of smaller exchanges that had claimed to be foreign entities but are in fact operating in China claiming they have outsourced their operations to a Chinese company. Those exchanges whose website landing pages are in Chinese have drawn particular scrutiny by regulators.”
The government still hasn’t acted against VPNs but is trying to ban on the use of these tools in order to complicate the peer-to-peer transactions. WeChat, a popular Chinese company and a social platform have also taken action to block all crypto trading so they will be compliant with the government’s regulators.
Most Cryptocurrencies Report Slight Losses, Bitcoin Cash Grows Continuously
MakerDAO Will Focus On Security Tokens For Their New Feature Rather Than BTC
“The first one is that it can support multiple collateral types. This, of course, means ERC-20 tokens. It also means Bitcoin through WBTC. A range of cross-chain assets that are emerging now. Also, there will be other stablecoins. Centralized stablecoins that already exist on the Ethereum blockchain. But most importantly, security tokens.”The MakerDAO foundation initially owned all of its MKR tokens but as Rune explained, they sold them off to multiple huge players in the EthereMum world in order to fund teams of 100 people. He says that MKR exists only to be able to vote in the system. The system rewards people who hold CDPs and when everything goes well, the MKR total supply is reduced, tokens get burned off and the value of the remaining tokens increases. Dai is extremely unique and some consider it as the real stablecoins, unlike the pegged coins. Dai is built on an open system so people who invest in cryptocurrency can access the stability of the Oracle system. Christensen also explained how real security tokens operate better in the world of traditional assets. He said:
“Security tokens are still something that is quite new. But what that really represents to Maker is the ability to now interact with real-world assets. The ability to interact with real-world finance and provide arbitrage opportunities between the traditional finance world and the tokenized world. That means that in the future the Dai will not just be backed by volatile cryptocurrencies, but things like real estate, bonds, and stocks.”The most important way to use Dai is as a stablecoin. If anything happens to the Ethereum network, there could be some negative consequences to the market but MakerDAO couldn’t get in a worse position than the one last year.
Tether’s Reserves ‘’May Include Assets Other Than Fiat Currency’’: Website Update
Analysis: Bitcoin Finally Pushes Over $4,000 As Other Cryptos Experience Growth
Join us on Facebook
- Ledger Nano S Wallet Receives First Level Security Certificate From French ANSSI
- The Recently Hacked Cryptopia Exchange Will Resume Trading By The End Of March
- IBM’s Now-Live Blockchain Network Wanted By Six International Banks
- Korean IT Conglomerate Kakao Integrates Crypto Wallet For 44 Million Local Users
- Most Cryptocurrencies Report Slight Losses, Bitcoin Cash Grows Continuously
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News4 days ago
Bitcoin Dominance Falls To 2019 Low: Is The Altcoin Season Here?
Blockchain News5 days ago
Vitalik Buterin: Non-Financial Blockchain Use Cases Are A “Harder Pitch”
Bitcoin News5 days ago
TRON CEO: ‘Bitcoin Is A Technology – Not A Business Opportunity’
Altcoin News5 days ago
Bitcoin And Altcoin News: Tokens Trading Near Infection Point
Bitcoin News4 days ago
Two Thirds Of Crypto Investors Are Bitcoin (BTC) Maximalists: Poll
Altcoin News5 days ago
Universal Bitcoin (UPBTC): The New Tokenized Bitcoin Coming To Ethereum
Bitcoin News4 days ago
BTC Is Cheap Until April, $3,000 Price Won’t Be Seen Again: Trader
Altcoin News3 days ago
Bitcoin Slowly Reaching $4,000 While Stock Market Goes Green