China is one of the world’s largest cryptocurrency markets. This is not the first time it has imposed restrictions on crypto and it is unlikely to be the last.
In view of this some crypto businesses will need to find partnerships outside China. Other countries might follow China’s example, which could impact the prospects of crypto, but it might open-up new opportunities for international players, such as bitcoin mining companies, blockchain projects, crypto exchanges, and institutional investors.
In recent years there have been several countries that have succeeded in regulating cryptocurrencies, including Canada, Germany, Japan, and S. Korea.
At the same time, we are seeing cryptocurrencies becoming more and more mainstream as global platforms such as PayPal, Twitter and STICPAY now accept them.
Cryptocurrency markets are volatile, and governments, regulators and investors have differing attitudes towards them.
That makes it crucial for investors to hold their money in an e-wallet, like STICPAY, that supports both crypto and fiat, to secure their funds.
A comment on China’s position on cryptocurrency from James Bay, Customer Service Director at STICPAY