A lot of people are concerned over the Chinese Bitcoin exchanges. That is only normal, as the PBoC’s decision creates a lot of friction. One company isn’t planning to take this opposition lying down, though. ViaBTC will launch a new trading platform which operates outside of China. An interesting decision, although it remains to be seen how this decision plays out in the end.
Launching an overseas exchange makes a lot of sense for ViaBTC. Although this is a Chinese company, they aren’t prohibited from setting up shop elsewhere. Or that is how things are working right now, at least. Their goal is to launch a new trading platform in an overseas region. Staying out of China is the best course of action for any Bitcoin-related company right now. After all, the suspension of CNY trading may be temporary, but it can last months if not years.
ViaBTC Plans Overseas Exchange Launch
Considering how ViaBTC saw an influx of international users before, the decision isn’t surprising. More specifically, the company claims one in three customers aren’t even Chinese to begin with. This shows there is a growing demand for the services initially provided by this company. Considering how the company is shutting down its Chinese business in a week from today, a new plan of action needs to be formed quickly. It does not appear their cloud mining and mining pool services will not be affected by the new regulation.
For the time being, there is a lot of guesswork associated with this new exchange. No name, country of operations, or launch date has been communicated in an official capacity so far. It is good to see more Bitcoin exchanges in general, though. Competition is always a good thing in the world of cryptocurrency. Especially if such a platform can deal with a few more international currencies. More support for the Euro, Russian Ruble, and Asian currencies would be a good start.
It is evident this China “ban” will not hinder the markets much longer. Once companies relaunch overseas, all of these problems are a thing of the past. In the end, China will cut itself off from the rest of the world in this regard. It is highly doubtful that is a smart business decision, but only time will tell. This experiment by ViaBTC will also be interesting to keep an eye on. Chinese companies will have a difficult time remaining relevant, that much is certain.
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