Skip to main content

Mainstream Media Narrative Sensationalizes Chinese Crypto Crackdown



An article written by Nicholas Krapels – an American academic who has lived in China since 2011 whilst working towards his PhD in Chinese politics at East China Normal University, has criticized mainstream media narratives pertaining to Chinese regulatory actions regarding cryptocurrencies.

Mr. Krapels states that "Last week, many minor statements fomented a mountain of fear, uncertainty, and doubt regarding cryptocurrency's future in China. On Tuesday evening, Wechat blocked a few crypto-oriented news official accounts. Late in the evening the next day, Beijing's Chaoyang District banned public venues from holding crypto-related events."

Mr. Krapels asserts that "the way Western media portrays events in China" heightened and exaggerated concerns pertaining to the events, adding: "That situation is only made worse when crypto influencers like Danhua Capital Managing Director Dovey Wan tweets out pictures of the primary source of the Beijing district ban in Chinese along with misleading English comments, 'The new China crypto BAN is now official'." Mr. Krapels likens such to "post[ing] […] an official English notice […] on Weibo […] from the NYC police banning handguns in Manhattan and then claim in Chinese, 'America's BAN on handguns is now official'."

Chinese Government Had "No Direct Involvement" With Wechat and Chaoyang District's Respective Actions
Mr. Krapels asserts that "the national government has had no direct involvement with any of these actions," emphasizing that "So far, a single district in Beijing and a development zone in Guangzhou have explicitly called for venue bans."

"Wechat and Alipay, corporations not the government, voluntarily self-regulated the blurry edges of their ecosystem that facilitated illegal behavior such as coordinating pyramid schemes and averting capital controls," he added.

The article states that "Most casual observers of Chinese politics do not understand that rarely, if ever, does the Chinese Communist Party issue bold black-and-white proclamations," adding that "By design, Chinese law maintains a grey area, a Hegelian nuance that provides for innovative creativity while at the same time attempts to ward off destructive tulipomania and outright scammers."

As such, Mr. Krapels states that one must "read between the lines" in order to "find true regulatory intent."

Comments

Post a Comment

Popular posts from this blog

The Bitquence Liquidity Network

CryptoCurrency is gaining popularity, however with Bitcoin very user-unfriendly mass adoption is not coming. The Bitquence Platform is aiming to replace Bitcoin with it's many disadvantages with something better. A currency for the people. More and better usability, A wallet which is universal and support several coins, like Bitcoin but also Dash and Ethereum. Please read along to get the latest information about this project which can grow very large. Collection of abnormal pockets programs, With automated sources that oversee a large number of wallets for each and every of your financial paperwork making it exhausting to do. International Cryptocurrencies lately stay on experiencing an especially noteworthy increment, impulsively reaching colossal valuations. The have an effect on at the present economic system modified the psyches of people to take after enhancements within the time of Cryptocurrency. Virtual kinds of cash and blockchain innovation are lat...
Post a Comment
Read more

BOScoin | Self-Evolving Cryptocurrency Platform

Well, what is BOScoin? BOScoin is a new virtual currency from a South Korean Fintech startup Blockchain OS. And unlike the existing virtual currencies, BOScoin is a new digital currency which also happens to be based on a blockchain. However, according to the company's experts it has a higher transactional speed which will go up to about 1000 transactions per second that is in line with the credit card processing speed. Its platform has been presented in both London and Berlin by Blockchain OS where they have been answering the questions of many with interests in the fields of design, technical, architecture, and governance. BOScoin is designed as a platform for a self-evolving crypto currency as an upgraded and much better version of both the Etherum and Bitcoin. BOScoin is however built to assist in trust contracts that usually provide a more approachable framework for creation and execution of blockchain contracts. Trust contracts are those secure and executable contracts tha...
Post a Comment
Read more

PRO Commerce - Coin Back Rewards

A new and promising project is the upcoming PRO Commerce Project. In essence the project is about getting Rebates and Crypto currencies into 1 platform. Something which is not new, because the INCENT project is also about that, however the PRO project has a different approach in achieving their goals. Their platform will be the main field where the project and business model should excel and make the project a success. The platform The goal of the PRO Platform is to create awareness and engagement, something which by just offering rebates is not sufficient, however holding PRO makes the user also an spectator and the team behind Pro believes this will make a difference in the way users will be committed and engaged in the project. By holding the coins they will eventually use the coins to speculate and use it. The app within the platform itself consist of 4 main components which according to the team will add a tremendous value to any business, making it the main app to use in compar...
Post a Comment
Read more