According to CoinMarketCap data, Charlie Lee, the creator of the Litecoin cryptocurrency, has a sixth place in the market capitalization table – has expressed doubts about rumors about even stricter prohibitions from China. The developer came to his Twitter account and said he had great confidence that the Asian giant will not ban mining of cryptocurrencies, and said that fears are being generated by manipulators who try to make money as if it were a short circuit.
Likewise, Lee explained that he has not used this information as the basis for improving his position, saying he has no plans to buy or sell in the medium / short term. It is necessary to reiterate that since the beginning of September, uncertainty has been very abundant around the role that China has assumed in the industry of the cryptocurrencies.
Thus, Mr. Litecoin shares John McAfee’s skepticism about the rumors that place Chinese bans spreading to mining activities. This is due to the fact that just a few days ago, McAfee published on Twitter that Jihan Wu of Bitmain told him that the Chinese government had no intention of stopping mining operations … The MGT Capital leader responded to his followers optimistically, making it clear that “Wu had first-hand information and therefore was better profiled in the subject than himself.”
Although there are as yet no official sources to support the testimony of Lee and McAfee, as the true magnitude of the Chinese authorities is still unknown in their legislation, it does seem counterproductive that the nation prohibits the extraction of cryptocurrencies colossal revenues that feed on the economy of the pseudo-communist state and a ban would cause that advantage to move to a less hostile regulatory environment.
Eduardo Gómez is a Venezuelan freelance writer and Information’s Technology Professional. He discovered Bitcoin in 2012 and has been drawn to it ever since. He also works as a Customer Support Agent at the San Francisco-based Bitcoin startup Purse.io