Early crypto mogul says China crackdown may lead to outright ban

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Bitcoin mogul Bobby Lee warns that when the popularity and price of Bitcoin soars the cryptocurrency may face bans in China.

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China’s crackdown on cryptocurrencies will probably intensify and may even lead to an outright ban on holding the tokens, according to Bobby Lee, one of the country’s first Bitcoin moguls.

"The next thing they could do, the final straw, would be something like banning cryptocurrency altogether,” Lee said in an interview at his office in a WeWork space in downtown Shanghai, without elaborating on how a ban might be enforced."I put it at the odds of 50-50.” The government realized that in order to achieve financial stability, they don’t want to see an unregulated, volatile financial product that’s being traded, used and invested by the Chinese population.

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