Industry Analysis

China and India may be misrepresenting their cryptocurrency positions

Although the virtual currency market is not old enough for countries to solidly take sides, some like China and India have seemingly declared their cryptocurrency positions; criminalize cryptos. However, these positions may just be covers while deep down they are really considering reaffirming their cryptocurrency positions. China, before it criminalized cryptocurrency activities was the largest crypto market and housed the largest number of Bitcoin miners.

Unfortunately, China is now the least significant market with crypto firms like Binance leaving the country due to the ban. However, as it turns out, China may be silently rekindling its position on the crypto market.

On Twitter, QtumOfficial, while quoting CCTV, tweeted:

“China G20 spokesman: G20 is paying a lot of attention on how to use new technology in traditional finance industry, like digital currency and digital asset. China is doing pretty good in these areas.”

It’s not PR, deep down China is turning to crypto

While these sentiments may seem like another public relations stance, they may actually have some truth in them. For example, a recent report by Diar noted that China is leading the United States in USDT trading volumes. From the report, it was noted that crypto enthusiasts in China are buying USDT using over the counter methods then using exchanges outside China to interface with a host of other coins such as Bitcoin, Ether, etc.

Although facing challenges, the Indian market is still promising

India, on the other hand, is still undecided on what or how to regulate virtual currencies within its borders. Recently, a bill was reportedly on its way to being approved to put a 10-year jail term on any one within India holding or engaging in cryptocurrencies. However, being among the list of countries represented in this year’s G20 meeting, the Indian crypto market is still promising.

Notably, virtual currencies are among the main agendas on this year’s G20 meeting in Japan. Unfortunately, China and India have been seemingly focusing on the negatives of cryptos which are minimal compared to the positives. For instance, India could be worried that Bitcoin and other cryptos have been a source of pyramid schemes in the country. Fortunately, with the G20 putting cryptos as part of its main agenda, India will have a clear way forward.

The international Financial Action Task Force (FATF) has been tasked by the G20 to provide guidelines on how cryptocurrencies can be regulated to curb money laundering and terrorist financing.

A lesson for China and India

While China and India may seem to have chosen their cryptocurrency positions, a Twitter user has some advice:

“A government is the manager of a country not the owner! The countrymen hold that right! A country belongs to its population not its government, that’s what crypto reassures.”

Do you think India and China are silently interested in crypto and are just misrepresenting their cryptocurrency positions?

You may also be interested in:

Russia inches closer to legalizing virtual currency trading

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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