Bitcoin (BTC) maximalist and Ballet CEO Bobby Lee recently discussed the implications of China's ongoing crackdown on cryptocurrency. Despite the government'south support for a digital renminbi, Lee suggested that Beijing has no interest in nurturing the cryptocurrency manufacture.

Because his collisions with the Chinese authorities during his stint in running China's offset crypto exchange, BTCChina, Lee said:

"It (China) wants to regulate (cryptocurrencies) to achieve its overarching goal of globalization of digital RMB."

He farther stated that the Chinese authorities is non looking subsequently the vast crypto exosystem that exists in the region. Stressing on the wait-and-encounter approach, Lee highlighted that 2022 marked the commencement of increased regulatory scrutiny and at this pace, "I do fearfulness that in 4–5 years, the country might outright ban it (cryptocurrency)."

The authorities'southward contempo ban on crypto mining and related trading seems to be aimed at deterring citizens from getting heavily involved in high-chance investments, given the boom in trading volumes. Adding to this thought, Lee said:

"Bitcoin is not a direct competition to the digital yuan. I don't think that the cryptocurrency manufacture volition suffer from Red china'south pullback."

Bitcoin's decentralized global network has led Lee to believe that China's opinion in accepting or banning cryptocurrency will not affect the Bitcoin or crypto marketplace in the long run. To help viewers brand sense of Elon Musk'south recent move toward Bitcoin adoption at Tesla, the seasoned entrepreneur hopes to see more Fortune 500 companies in 2022 add more Bitcoin and cryptocurrency holdings to their current portfolio.

Lee believes that the final straw at this moment would be banning cryptocurrency and Bitcoin birthday. But because the involvement of mainstream businesses along with ever-increasing regime initiatives, China continues to restrict its in-house crypto business organisation operations while allowing individuals to hold and trade Bitcoin.

Related: FTX reduces max leverage from 101x to 20x to encourage 'responsible trading'

Owing to China's contempo crypto regulations against risky trading, crypto businesses have started taking proactive steps to stay relevant in the ecosystem. As per Cointelegraph'southward recent written report related to this development, FTX appear to limit its trading leverage to 20x, which was previously continuing at 101x.