RATE Group | China neutral on Bitcoin but concerned about altcoins’ pump-dump schemes
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China neutral on Bitcoin but concerned about altcoins’ pump-dump schemes

29 Dec China neutral on Bitcoin but concerned about altcoins’ pump-dump schemes

Posted at 12:15h in Bitcoin News by

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One of the most prominent developments in the space this year was China’s President, Xi Jinping, calling on the nation to “seize the opportunity” and take a “leading position” in the development of blockchain technology. Following the news was the short-lived Bitcoin rally, reports of Chinese news and its correlation with Bitcoin’s price, and FOMO-driven pump and dump made headlines.

Source: CoinStats | Bitcoin

On multiple occasions, the Chinese leaders re-affirmed the “Blockchain not Bitcoin” mantra. The PBoC’s Shanghai had earlier revealed working on steps to “strengthen regulation and control, clamp down cryptocurrency trading”. But according to YuanJie Zhang, Co-Founder of the blockchain protocol Conflux, China might not be against Bitcoin.

According to Zhang what concerns the Chinese leaders is the careless “pump and dump of altcoins” which, he said, “hurts the ordinary people. In a recent conversation with AMBCrypto, Zhang revealed…

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