The opinions of Gonzales Dellàn carry considerable weight in the business and financial world because of his vast experience with one of the largest banks in Venezuela. Because people are now seriously involved in the dynamics of crypto currencies, Dellàn believes that regulations will come soon because a country that participates in the crypto currency market does not earn money at government level.
China is the most active country in crypto currency facilities but it has recently issued advisories to deter the use of crypto currency in the country. This development can wipe out crypto currency trading and mining activities. However, it seems that China is changing its stance when the Ministry of Industry and Information Technology launched the new public crypto currency ratings system. From the 28 crypto currencies, Ethereumwas declared as the top crypto currency.
China’s President Xi Jinping also called blockchain as a part of the new industrial revolution during the annual conference of Chinese Academy of Sciences in Beijing. It is easy for anyone to notice that China is serious in backing up blockchain. China Central Television (CCTV) said that the monetary value of blockchain is ten times more than the internet. National blockchain standards for companies will also be released by the end of next year.
Global Times, a Chinese newspaper that is published daily praised crypto currency and pushed for changes. It is generally believed that saying no to Bitcoin will not be the eventual solution to issues in crypto currency. A better approach is to embrace the new technology and avoid putting the country’s financial system at stake. Restricting Bitcoin exchanges cannot put an end to Bitcoin trade. It could also leave China behind the revolution of digital currency. What China needs to do is to consider regulations that will ensure that the technology works in their favor.
The main issue that has to be addressed is the regulation of Bitcoin, Ethereum and other crypto currencies to eliminate corruption. Some countries have expressed their disapproval to crypto currencies because it is not a legal payment and there are regulations to its use. However, according to Gonzales Dellàn, a financial expert, he believes that regulations will come soon enough.