“The situation with China is a little bit sensitive at this point around here.” Said Desmond Marshall in a recent interview with Finance Magnets regarding the status of Bitcoin and blockchain in China. Marshal is the Managing Director of the Hong Kong branch of the Floor, a fintech development company with its home base in Israel.
Marshall stressed that when talking about blockchain in China it is important to make the distinction between blockchain technology and cryptocurrency and ICO’s which are in his words “a big no no.”
Since China began the process of banning the trading of cryptocurrencies through exchanges in the country ICO’s have fallen under the same scrutiny. In regards to statements made by the Peoples Bank of China about digital payments, Marshall explained that you have to read between the lines. “It’s quite clear that [the message is]: ‘okay, we’re developing a digital currency, but for a very specific purpose.’ Marshall said referring to the fact that the Central Bank of China is developing a digital payment system of their own.
