Based on details, there is no other country to remove Bitcoin other than China. After putting a block on the ICOs, the government banned crypto exchanges and now they are trying hard to stop bitcoin mining. However, they should have slowed down, but now they are moving further.
Donald Tapscott, who is Executive Chairman of Blockchain Research Institute said that official Chinese currency Renminbi, will become a Cryptocurrency, as per an Interview on April 17.
In the Interview, Donald disclosed that lately, he had a meeting with the vice chairman of the Communist Party in China, who recalled that President Xi Jimping believes that Blockchain technology plays a crucial role for the future of the country.
Talking about the government's ban on the cryptocurrency exchanges, Tapscott said that China is planning to Crypto mining,
“It’s not really necessary to do that [to ban exchanges and mining] because in 20 years we are not going to be using bitcoin in China. Chinese people will use the RMB, only the RMB will become a cryptocurrency. The Central Bank of China will turn it into a digital currency.”
When he was questioned, whether decentralized exchanges will operate in China. Tapscott said the government is talking strict actions to remove digital currencies.
Chinese experts are discussing different ways to ban Cryptocurrency mining. The National Development and Reform Commission (NDRC) has already added crypto mining in its revised list of industries activities. The agency also wants to close the activity as they lack safe production conditions, polluted environment, and wasted resources.
Even though the country is one of the leading players in the Bitcoin market as the majority of the biggest Bitcoin pools are managed by local Chinese organizations. As of 2018, Crypto mining operator, Bitmain which operates 11 mining farms in China will be highly affected by the NDRC's plans.
The Government will take complete benefit of cryptocurrencies. As per Donald, decentralized exchanges will be used more as compared to the centralized exchanges. Also, all the assets along with traditional assets like securities will be available on decentralized exchanges.
China is leading the world in terms of the total number of blockchain projects. Presently, it consists of more than 263 blockchain related projects in China, which accounts for nearly 25% of the total blockchain projects worldwide.
Before a month, a multi-year project known as "Implementation Plan for the Promotion of Transportation Infrastructure Development" was launched in the Jiangsu Province. According to the plan, blockchain will be one of the technologies which local experts use in local transport framework.