China Banned Everything Bitcoin, Video Games Seem To Be Next
As Bitcoin began its monumental run in 2017, rumors began floating around that China was set to crack down on the nascent crypto market. Eventually, those rumors became reality, with the heavy-handed Chinese government reportedly establishing a blanket ban on crypto trading and ICOs. While the crypto restriction was initially effective, it seems that China’s ban hammer isn’t ready to rest on its laurels just yet, with local regulatory bodies setting its eyes on crypto yet again and apparently video games too.
Chinese Regulators Turns Their Eyes On Video Games, Following Crypto Crackdown
As reported by NewsBTC on multiple occasions, regulators across China recently doubled-down on its efforts to restrict the propagation of the crypto industry. Within the past week or two, Chinese regulators have taken the crypto industry by storm, taking drastic measures in an apparent show of force. Some of the country’s measures include restrictions placed upon WeChat’s crypto news outlets, Alipay’s OTC exchanges, crypto-related events, and 124 foreign exchanges that were somehow still available in the country’s intranet.
Most recently, Baidu, the Chinese equivalent of Google, has silenced crypto discussion. According to local media, Baidu has started to impede Chinese citizens from accessing crypto-centric forums, discussion boards, and chat rooms. If any China-based user attempts to access the forums, which have been dubbed the “digital currency bar” and “virtual currency bar,” they will be prompted with a message that notes that the sites are closed due to “relevant laws, regulations, and policies.”
While this is only one of the country’s many crypto-averse moves, it goes to show how adamant Chinese regulators are to stamp the spark that is the cryptocurrency industry.
Although China’s crypto ban may have already thrown some for a loop, in an unexpected turn of events, the Chinese government is making moves to curb the development and use of video games. Citing gaming addictions as a primary issue, China’s regulators are reportedly set to limit the number of new online games released by gaming firms, reports Bloomberg.
For those who are unaware, gaming has become an integral part of the daily lives of Chinese youth and young adults alike. Although some would beg to differ, video game critics tend to believe that video games only hamper the development of Chinese children, and subsequently, the growth and long-term performance of the booming Chinese economy.
Such a ban was seen as a ludicrous move by some, with many critics of the regulatory move noting that China may just be a bit too trigger happy when it comes to imposing restrictions on products, assets, or entire industries. Following the second coming of China’s crypto police, Joseph Young, NewsBTC editor and crypto commentator, joking alluding to the “trigger happy” nature of China’s government in the following tweet.
Waiting for China to ban Chinahttps://t.co/0OjlbZ8d4v
— Joseph Young (@iamjosephyoung) August 24, 2018
Some pundits argue that in the case of crypto and video games, moves to restrict these industries will only backfire. Keeping this in mind, should their bans really be taken seriously? For now, it seems that the Chinese government resolute in its decision to keep these bans in place. But as the age-old saying goes, “rules are meant to be broken.” So maybe these irrational regulatory acts may just be a temporary setback, or roadblock if you may.
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by nickchong on August 31, 2018 at 01:00PM