China to ban bitcoin/renminbi exchanges
Yesterday it was reported that China plans to ban domestic bitcoin/renminbi exchanges. Will this help prepare the way for the eventual introduction of the virtual fiat renminbi (by decreasing the influence of private cryptos)?
A week ago, China also banned domestic ICOs. Will these policy decisions persuade other governments to crack down on cryptos to assert central control?
It seems that China has a greater incentive to regulate cryptos because it has been developing and testing the virtual fiat renminbi.
For detailed analysis of this news, see https://www.emergingtechlaw.org/analysis/a-clash-of-coins820179