Bitcoin Marketing To Be Restricted By China Without Affecting Blockchain
Some hours after the People’s Bank of China had meetings with the domestic bitcoin BTC exchanges, there are many details emerged regarding the conversations. As per a new report by the Caixin, the PBoC is going to restrict on how the exchanges can do for acquiring the new potential users with the central bank indicates that the depreciation of the yuan aren’t mentioned by the startups in a connection for marketing.
Some of the exchanges involved in this meeting were said to cancel the planned activities that should have potentially utilized this type of strategy. The article also consists that the exchanges were advised to comply with the laws of the anti-money laundering and know your customer as per the Eric Zhao of the Chinese Academy of Sciences. It further states to refrain from the use of automated trading bots for boosting volume.
Zero impact on blockchain
These instructions don’t appear to be given to those startups who work on the blockchain projects or implementations with the use of the distributed ledger technology behind the bitcoin or any other cryptographic tokens. The CEO of the blockchain DJ Qian as a a service startup BitSE indicates that the news will not have any effect on their business because of their focus on the non-monetary applications.
The CEO of the Circle China Tong Li states that the bitcoin and blockchain based messaging service says that he doesn’t have any concern regarding the directives or its effect on the Circle’s operations.
On the other hand, the Blockchain investor Bo Shen, who is the founding partner of the Fenbushi Capital has expressed the similar sentiment, which indicates that he doesn’t have contact with the any central bank officials regarding the topics discussed with the bitcoin exchanges. Shen is a prolific investor in blockchain projects in China that backs the firms consisting Juzhen Financials and lots of open-source blockchain projects.