Despite recent reports that suggest China's central bank is
casting a critical eye on domestic bitcoin exchanges, local traders remain
largely unfazed.
In conversations with CoinDesk, members of the country's
bitcoin trading community, as well as cryptocurrency exchange operators who
were not involved in the talks, expressed their belief that the increased
oversight of the industry will be a boon for the technology in the long term.
Over-the-counter trader Zhao Dong, who says he trades 250
BTC (or about $150,000) in the digital currency daily, said in interview that
he had "no worries" about the future of the tech.
Overall, he believes that, rather than hostile, the People's
Bank of China merely wants to limit investor risk, and that it has no intention
of harming or otherwise limiting use of the technology.
Zhou Shouji, the operator of FinTech Blockchain Group, a
bitcoin hedge fund that claims to have amassed $20m in investments, stressed
that, despite the "high volatility" in the market, local traders
"are not worried" about any potential government actions.
"Everyone gets the message," he added.
The statements come as the impact of the decision by the
PBoC to make public its meetings with bitcoin exchanges BTCC, Huobi and OKCoin
has left the bitcoin market in flux. (Yesterday, it hit its lowest point in one
month).
At press time, the price of bitcoin was $770, a value that
was roughly 40% below peak prices observed earlier this year.
A representative of China-based exchange Yunbi, for
instance, noted that he is "not worried" about the impact, despite
the fact his exchange was not in conversation with the PBoC.
