China becomes world's largest Bitcoin market

Global Forex News, November 26 - At present, my country's daily Bitcoin trading volume accounts for 50% of the global market, surpassing the United States to become the world's largest Bitcoin market. Therefore, it is useless to simply reject Bitcoin. After Germany and the United States recognized the legality of Bitcoin, many countries and many businesses have begun to accept Bitcoin. The "world's first" Bitcoin ATM was put into use in Vancouver, Canada at the end of October. Once developed countries form a general trend of coordination, the power of a few countries cannot be stopped at all. my country should take a clear and firm attitude as soon as possible and formulate an emergency plan. At the same time, it is necessary to unite the major economies that swap RMB and reach an agreement on cross-border monitoring and supervision.

Yi Gang, deputy governor of the People's Bank of China, said last Wednesday (November 20) that it is impossible to recognize the legality of Bitcoin in the near future, but he also believes that Bitcoin is "very unique" and "inspiring", and ordinary people have the freedom to participate in Bitcoin transactions.

Statistics from the Digital Currency Research Center show that by the end of September, my country's daily bitcoin trading volume reached 17,500, accounting for 30% of the world's market share; by the end of October, this number had risen to 100,000, accounting for 50% of the global market. China has surpassed the United States to become the world's largest bitcoin market. Recently, my country's largest bitcoin trading platform BTCChina announced that it has received a round A investment from Lightspeed Venture Partners and Lightspeed Venture Partners of the United States, with a total financing of US$5 million.

But every coin has two sides. In actual transactions, Bitcoin, as a virtual currency that no country or official agency assumes responsibility for protection, is self-evidently risky. For example: it is difficult to be compatible with the current monetary and financial system; its value is unstable; its distribution and holding are very unequal; its acceptance is niche, etc. The most important thing is that, unlike the management of some existing widely circulated electronic currencies such as Q coins, Bitcoin does not have an issuing entity. Its own monetary order, anonymous distribution characteristics, and indirect protection against illegal transactions such as money laundering make it difficult for countries to immediately formally recognize it. In fact, the attitudes of various US departments are also inconsistent. The Federal Reserve supports Bitcoin, while the US Department of Homeland Security froze two bank accounts owned by Mt.Gox, the world's largest Bitcoin exchange, on May 16 this year.

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