China’s attitude and policies towards cryptos has been more like a seesaw ride, but this would not surprise any analyst with knowledge about the country. We went through a brief period in 2019 when, China seemed to openly encourage blockchain technology. Crypto gurus were quick to read in between the lines and decided that, the country would gradually cozy up to cryptos. Someone even made bold presumptions that, China’s hostile attitude towards Bitcoin had come to an end. And then came rapid warnings from the Chinese authorities that, crypto trading would not be tolerated!
Somewhere towards mid 2019, came the talk about an official crypto to be launched by China. Mikhail Kozlov Russian business strategist and Advisor on the Glitzkoin team feels that, the Chinese crypto scene would become a lot clearer in 2020. Speaking on the subject here is what the Russian expert said, ‘… while defining policies and parameters for its official crypto, China would be pressed to outline the way in which this and other cryptos, would interact with each other. The rules and regulations related to crypto exchanges and crypto trade, would also need to be made crystal clear… so what we will actually see is clarity in the Chinese stand on cryptos in general. This is something that the crypto community has always wished for’.
A few analysts were confident that the official crypto from China, would be confined in terms of usage – implying that it would not be traded or relevant outside the country. When asked for his opinion on this issue, Mikhail suggested that jumping to conclusions at this stage would be wrong. He had an eye on China’s massive international trade numbers ‘… China is a supplier of products, raw materials and services to almost every nation on the planet. If international debtors could somehow be convinced to use, the Chinese crypto to fulfill payment obligation – we will see crypto trade volume that far outstrips that delivered by Bitcoin. Add to this the fact that many nations have less than cordial relations with mighty America, these nations would be very pleased to pay their dues with the Chinese crypto. It would give them the satisfaction that, the domination of the US dollar in international trade would be diluted ’.
One very important issue related to China would be about privacy, this is all the more relevant in the case of cryptos. After all the very fundamental of crypto currency is based on anonymity. Mikhail Kozlov had something to say about this, ‘… it is way too much to expect a high degree of privacy when it comes to China. We are likely to see some controls placed on passwords and a high volume of personal disclosures collected for account holders’.
China’s policies towards crypto exchanges registered in the country and those, registered outside China and operating in the country – will be of significance. Crypto exchanges trading globally will need to keep a track of Chinese regulations. They would also need to inform clients or account holders about any actions taken in the process of adhering to Chinese laws. Expect much clarity on these issues within 2020, exciting moments ahead.
China’s crypto moves in 2020 will be closely watched, the nation rarely steps into anything without thorough research. In a crypto market that is largely dependent on the health and mood of BTC, a crypto from China might just offer excitement and options.
GLITZKOIN: Glitzkoin is developed on the Stellar blockchain. The project includes the multifaceted GTN token that currently trades actively on 3 crypto exchanges (Cointiger, Stellarport and Dobitrade). Glitzkoin makes a direct connect to the multibillion dollar diamond industry. The project is promoted by second generation diamond veteran Navneet Goenka, it aims to improve productivity and market scope for the glittering industry. A comprehensive diamond trading platform (DiaEx) is part of the project, it supports both B2B and B2C trade in diamonds. As mentioned above GTN is traded by crypto traders on three exchanges, it is also designated as the mode of payment on DiaEx.