Hundreds Show Up at China’s First Bitcoin Convention in Defiance of PBOC Onslaught

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Hundreds Show Up at China’s First Bitcoin Convention in Defiance of PBOC Onslaught

Hundreds of people were present at the first bitcoin assembly in China, disregarding the government’s crackdown on the virtual currency.

The bitcoin meeting was arranged by Li Xiaolai, who dismissed speculation that China may eventually ban virtual currency use in the mainland.

“Thailand has already banned bitcoin, so has Russia. But who cares if China bans it as long as everyone knows the whole world can’t ban it,” Li is quoted by South China Morning Post as saying.

He also dismissed suggestions that bitcoin users felt intimidated by Chinese authorities and added that bitcoin presented no threat to the government.

However, fearing that the Chinese government may introduce additional measures to check the growth of the digital currency on the mainland, bosses of the five-largest bitcoin ventures in China snubbed the gathering. The prominent bitcoin figures aimed at reducing the conference’s profile.

The People’s Bank of China has imposed several measures on the currency since December, discouraging financial institutions and payment providers from handling transactions that border on bitcoin.

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Li, who has in the past revealed that he holds a six-figure amount of the digital coins, refused to say the exact number of bitcoins he owns yesterday. However, he was pleased with the conference attendance.

“I’m glad to have an opportunity to introduce … the environment of bitcoin in China. It is a very stunning innovation,” he said to those in attendance.

One of the attendees, Zheng Qinen, said if he was the PBOC he would probably do the same thing, referring to the bitcoin restrictions. He added that if the Chinese government does not portray bitcoin as risky or warn people, many people could lose their investments.

According to Coinreport, Qinen left his job in January hoping he would multiply his wealth quicker with bitcoin. He said the government crackdown made sense.

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To contact the reporter of this story; Deepak Tiwari at deepak@forexminute.com