The Chinese government essentially hit a decisive blow in their war against Cryptocurrencies in China by declaring all Crypto transactions illegal in the Country. This news was of course followed by a noticeable dip in the price of Bitcoin as prices dropped by about $3000.

While the news was a somewhat sudden one, it was neither sudden nor unexpected. China has had a negative perception of the crypto space for years and has intensified their clampdown on the space in their region. When I say China though I mean the Chinese Government who wield a large control over the activities of her citizenry. Crypto represents a kind of autonomy that many conservative economies fear.

The implications for the decision likely would have been far reaching a couple of years ago. However, the crypto space has matured to the extent that no single dominant player can dictate the trend of the market for a sustained period of time. Still, with China's move it is not completely unexpected that countries under their influence may follow suite and tow the path of disowning the blockchain.

What is ironic though is that while China is trying to ignore the future of technology, other smaller nations and economies see the potential in an autonomous financial system free from the traditional players that have left behind debt burdens, corruption and poverty in their trail.

I had often wondered what the space would be without the Chinese Market, only to realize that we have been in that position for sometime now. It is quite obvious now that the space is capable of surviving and even thriving without the Chinese, which is a pointer to the direction we are headed. However, make no mistake, a few more major players deciding to replicate this move will hurt the blockchain badly, at least in the short term.

However, despite the serious efforts aimed at regulation in some Western Countries, the general perception is one of control and not to kill the space. Of course this realization comes on the back of proof of value and not mere sentiments, as well as a recognition for the potential the space wields. For smaller nations, adopting technologies on the blockchain en masse can transform the digital economy and overall standard of living for that nation. Many nations will instead try to exploit and assert control over the space, eventually realizing the futility of such a venture.

Conclusion

To have had a relatively mild market reaction over the announcement by China is a testament to how far the space has come. One thing has been established, and that is no Nation can 'kill' the blockchain. As further interventions by various governments roll out in the future, the technology and influence of the space will keep maturing to the point where it becomes too big to not be embraced.