Category Archives: Beijing News

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Anti-Crypto Chinese State Media Says Bear Market Not Over Soon

Anti-Crypto Chinese State Media Says Bear Market Not Over Soon

The Chinese state-run media organization Beijing News reported that the cryptocurrency bear market is expected to continue into 2019.

Perhaps an unsurprisingly negative outlook is influenced by the country’s condemnation of Bitcoin and other digital currencies. Beijing News claims Bitcoin investments became a ”black hole” in 2018 with the coming year showing ”no obvious rebound” for the market.

2017’s bull run was called ”definitely unsustainable” by Xiao Lei, a currency policy analyst. Lei attributed the chaos of the run as leading to the unstable and declining market performance that followed.

Another issue raised by the Chinese analysts is a claimed ”zero-sum game” nature of the cryptocurrency market, meaning the only conceivable profits for investors are coming from somebody else’s pocket. From this perspective, the 2017 surge was an influx of less-informed newcomers to the market buying at higher prices, while seasoned traders made a quick profit off them.

Now the general public is more aware of Bitcoin and the cryptocurrency market with mainstream media covering the topic, the analysts believe newcomers would not fall for the same thing again, so to speak. As others are speculating, however, the influx of buyers may come in the form of institutional investors this year who often already deal in zero-sum markets.

 

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China Cracks Down on Crypto News Sites as ICOs Feel the Heat

Chinese authorities have recently turned their attention to news sites and those reporting information on current news about cryptocurrencies.

Claiming a disruptive influence, the government has also prohibited some advertising through the staging of some crypto-related activities. This now includes locations such as hotels, shopping malls and office buildings, according to the Beijing News.

Apparently, such measures have been introduced in order to protect the Chinese yuan which has been under pressure for the US dollar for most of this year, resulting in falling value. The latest restrictions state the aim:

“To protect people’s property and safeguard the status of legal tender, to guard against money laundering risks and maintain the stability of the financial system, all shopping malls, hotels, restaurants, offices and other places shall not undertake any form of cryptocurrency-related promotion activities.”

At present, the restriction is lifted to an area of Beijing, Chaoyang District, with a population of around 6 million. The government appear to have been aggravated by recent crypto index fund BitUP’s promotional activities.

ICOs banned in China are increasingly coming under pressure and most of the big names have set up overseas to avoid becoming entangled in complicated government prohibitive regulations. Thus, any advertising relating to ICOs is quickly jumped on by the authorities in an attempt to eradicate ICOs from mainland China.

WeChat and Jinse use have both fallen under China’s regulatory axe, the latter with a readership of 350,000 a day including Asia Today. WeChat was “suspected of publishing information related to ICOs [initial coin offerings] and speculations on cryptocurrency trading”.

Just to show the government’s determination to stem the rising tide of ICOs, a conference which would have been happily entertained by any other nation was nipped in the bud earlier this year when the one-day event, dubbed the Global Fintech & Blockchain China Summit 2018, was halted as police raided the event evacuating all attendees and speakers, and then cancelling the afternoon’s keynote addresses.

 

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