Could get ugly," he says.įurthermore, Mable Jiang, Partner at Nirvana Capital, said today that there's "quite a bit confusion around the regulatory sentiment in China" and explains that Shangai regulators sent out a notice on November 17 with a November 22 deadline for all relevant departments to investigate three types of crypto-related entities: It’s a third rail for sure.” In his tweet today, Graham says that rewards are allegedly to be offered to Chinese people who report illegal crypto-related fundraising, but also that second-tier Chinese exchanges "could be in big trouble. "You do not mess with China’s currency control regime. “Wondering if Binance’s RMB to crypto OTC announcement was a huge misstep,” Graham said. According to that image posted by Melody He, Co-founder and Partner at The Spartan Group, a blockchain advisory and investment firm, somebody is saying that three exchanges will be given licenses - “one in Hainan (implying Huobi) one in Beijing (implying Okex) and last one in Hangzhou” - also implying that Binance is out, as an exchange needs to have been operational for three years to qualify. Meanwhile, Matthew Graham, CEO of the advisory company Sino Global Capital, shared an image with information allegedly viral in China, but difficult to verify. “Communists love “Blockchain Not Bitcoin”,” commented on Wan's first post Pierre Rochard, Bitcoin evangelist at Kraken. Nonetheless, other people have shared the original video and said that the confusion about the video/meme, doesn't change Wan's analysis, which they find to be on point. "The video is not dated 2017 it’s dated 2014, maybe the most widely used Xi’s quote ”别看今天闹得欢，小心今后拉清单” refers to something “秋后算账” as an over-due punishment."
"Maybe need to start a “Chinese Urban Dictionary”," she says. When people pointed out that the tweet is confusing, using a video that's a couple of years old and that it isn't necessarily related to cryptocurrencies, or blockchain for that matter, Wan said that she used the video as a meme. However, it turned out that the translation had little or nothing to do with the accompanying video clip. “And down the road a nationalization of related cryptocurrency infrastructure is inevitable ( ASIC, mining, trading).” “It’s pretty clear to me China has no intent to embrace any public open cryptocurrency at all and that’s why it’s always a Blockchain Not Bitcoin narrative,” writes Wan in the same thread. “Even though these seem to be lively and vibrant today, tomorrow they may all be on the list (of crime),” Wan translated President Xi Jinping's words from the program.
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