FxWirePro: China launches fresh assault on Bitcoin

China has once again shown that when it comes to cryptocurrencies, it will deal with the matter with Iron fist,

• Since the 2017 rally in Bitcoin, China has stepped up steps to avoid public putting their money on crypto-currencies and this time, it looks to ban the mining process completely, which would force several hundred bitcoin mining firms to move their base out of China.
• China’s National Development and Reform Commission (NDRC) proposed a draft list of industrial policy measures, which includes a ban on cryptocurrency such as bitcoin mining. The proposal is in line with the government’s view that cryptocurrencies do not adhere to existing laws and regulations and were unsafe as public investment products.
• However, the draft is not the law yet and the public would have a month to comment on the proposal before it is pushed to the legislators for approval. Given China’s attitude towards cryptocurrencies and harsh handling of oppositions, we do not believe bitcoin miners would line up to protest the move.

This is a stark warning to those optimistic on the future of global acceptance of crypto assets when the world’s second-largest economy wages war against it.

The blow comes at a time when after months of depressed price, Bitcoin bulls are enjoying a run. The price of most popular cryptocurrency Bitcoin is up more than 40 percent YTD. In the past month, the price of Bitcoin is up almost 35 percent. Bitcoin (BTC) is currently trading at $5200.