“More than 90 different cryptocurrency exchanges and about 85 ICOs have closed in China in the past 12 months. Where is China headed?
The answers to that question are best answered in the light of the Chinese government’s 2-pronged efforts: first, to protect the integrity of the yuan while devaluing against the USD and, secondly, to curtail capital flight from out of the country. Cryptocurrencies in their raw form challenge the stature of inflationary fiat currencies and encourage capital flight from fiat to crypto.
China is looking to head towards an embracing of blockchain development but without the cryptocurrency elements. This way, they can harness blockchain so that it services the existing digital infrastructure. China may also be trying to strip out the decentralizing components of blockchain so we await how successfully their centralized blockchains turn out.”
