Professor at Major Chinese Government-Affiliated University: It’s Impossible to Ban Bitcoin

Professor at Major Chinese Government-Affiliated University: It’s Impossible to Ban Bitcoin

In an interview with People.com, a professor at the Guanghua School of Management, the business school of government-owned public education institution Peking University, emphasized that it is not possible to ban bitcoin.
Over the past two weeks, rumors about the potential ban on Chinese bitcoin exchanges led to a slump for bitcoin and the cryptocurrency market. Although China is a not a major bitcoin exchange market by trading volume, it still has some influence over the global bitcoin industry as a mining powerhouse.

No official reports or statements from the Chinese government and financial regulators have been released. But, Caixin, a state-owned news publication, initially reported that the Chinese government is considering implementing a nationwide ban on Chinese exchanges. Western news publications including Bloomberg and WSJ followed shortly thereafter.

Earlier today, on September 14, The Merkle reported that China’s National Internet Finance Association (NIFA) has released a statement on the matter to clarity circulating rumors on the potential Chinese bitcoin exchange ban. NIFA reassured the Chinese cryptocurrency sector that bitcoin is not illegal and that the Chinese government is simply looking toward establishing a licensing program for Chinese exchanges. It will not ban bitcoin exchanges but license regulated trading platforms to provide a more fair and transparent ecosystem for both users and businesses.

At a similar timeframe, Xiaolei Liu, the professor of finance at the Guanghua School of Management reaffirmed that it is highly unlikely for the Chinese government and its financial regulators to eliminate current regulatory frameworks which the government and Chinese exchanges have allocated massive amounts of resources to establish to simply ban bitcoin trading platforms in general.
He also encouraged the Chinese government to regulate bitcoin and blockchain technology in a way that would benefit businesses and users.

“It is impossible to ban Bitcoin, we are just planning to regulate Bitcoin. Our actions should benefit Blockchain technology as a whole,” wrote professor Liu.

Throughout September, bitcoin, Ethereum and the cryptocurrency market in general have struggled to recover from negative press and controversy. The decision of the People’s Bank of China to ban ICOs coincided with the rumor released by Caixin in regard to the potential nationwide Chinese exchange ban.

But, in the upcoming weeks, as the Chinese government provides a statement on the issue and rumors about the Chinese bitcoin exchange ban become dismissed, the Chinese bitcoin exchange market will be able to recover rapidly. Once the Chinese exchange market finds stability, the global bitcoin market and its investors will likely spur upward momentum, pushing bitcoin and other cryptocurrencies to new highs.

As the central bank of Finland emphasized in its latest research paper, it is important for traders, investors and users of bitcoin to understand and acknowledge the fact that it is not possible to ban, censor and block bitcoin. Governments can either help and facilitate the development of bitcoin as a technology and as a market, or isolate themselves as other regions prosper.

Credit to: Joseph Young

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