Bitcoin BTC may force China to consider loosening the restrictions

Samson Mu of Blockstream notes that mainstream financial media in China are talking about Bitcoin BTC and other cryptocurrencies, despite the state of the trade embargo in the country.

Perhaps the government in China is now seriously considering easing its position on the cryptocurrency market, after President Xi Jinping has publicly emphasized the importance of blockchain technology,

-China and the beginning of the ban on cryptocurrencies

China imposed a trade embargo in 2018 on digital currencies and trading platforms, prevented financial institutions from engaging in this type of transaction, also closed news outlets related to this market, and deleted many accounts from WeChat.

For his part, Samson Mu, chief security officer at Blockstream, recently commented what appeared to be a reflection of China's policy toward the cryptocurrency in the official financial media.

-Interest in Bitcoin BTC gains growing

The China Securities Times has published an article about BTC bitcoin gains of 45% this year, achieving a new annual high of $ 10200, and this news is the most important publication in China from many interested in this market.

Considering the attitudes of Chinese authorities in the past towards both Bitcoin and mining, it is surprising to see an article like this, especially considering the state's control of both the economy and the media.

It is worth noting that the year 2017 witnessed a ban on ICOs projects in China and this was the beginning of the spark to make many countries smartly attract the virtual currency industry to their lands.

-Is the ban policy may change in China?

And China's ban on everything related to cryptocurrencies has caused great anger at the country's regulations, and this has prompted companies to go to Japan, South Korea, Singapore, Malta, Switzerland and some other countries that have passed laws and regulations friendly to the industry.

Then China proposed a Bitcoin mining ban, which is very important because the largest cryptocurrency mining groups with the highest fragmentation rate are found in China. Just mentioning the potential ban was enough to scare investors.

But in light of the high prices of Bitcoin BTC at the present time, and the market as a whole has progressed wonderfully, can China change its mind towards this market, and will the country's central bank make its way toward the local cryptocurrency, or are all these rosy dreams that will not come true under Repressive government, we would definitely like to know your opinion in the comments.