Bobby Lee, chief executive of BTCC doesn’t think China has plans to ease its unreceptive position on Bitcoin exchanges. Rather, Lee is planning to change his support for SegWit2x hard fork.
During Ask Me Anything (AMA) where Lee made these statements. However, the mainstream of questions related to SegWit2x and future of Bitcoin in China.
SegWit2x & the New York Agreement
Initially, the SegWit2x hard fork was in the process by the New York Agreement (NYA). Since, it was schedules to activate within two weeks. However, most of them wanted to know whether Lee intended to keep supporting SegWit2x.
According to Lee, SegWit2x to be a plans upgrade to the Bitcoin protocol that developers must implement replay protection. It was ensuring that there is a clean break between the incumbent and forked blockchains following SegWit2x activation.
“Replay protection is not much need for change-of-consensus upgrades to the bitcoin network. That’s been the consistent practice over the past nine years”.
Further, the rage of SegWit2x opponents that his Lee’s own brother, Charlie Lee, Litecoin creator. However, the incumbent Bitcoin blockchain will be an altcoin following the hard fork’s activation. When asked how BTCC would respond if the incumbent blockchain prevailed against for forked chain.
“If the bitcoins on the upgrades bitcoin blockchain (SegWit2x) become less valuable than altcoins, then that’s the market deciding that bitcoin is no longer number one, and an altcoin has taken over the top spot,” he said. However, I will not just rename the most expensive altcoin to “bitcoin” just because it has the highest market value”.
China’s Bitcoin Exchange Ban
Recently, on the Chinese prohibition on cryptocurrency exchanges, BTCC’s Chinese trading platforms was the longest-running Bitcoin exchange.
Furthermore, Lee was asked about the recent rumors that regulators are preparing to allow bitcoin trading. Since, it is to resume in a heavily-regulated environment. He stated that he does not believe they are true.
“I’ve also heard those rumors, but from what I can see here on the ground, there are no plans for bitcoin exchanges to reopen in China.Certainly, it’s possible for policies to change in the future, as nothing is permanent in life. But change can happen in weeks or months, or take years or decades…..What positions Chinese authorities take in the future and how they regulate bitcoin and other cryptocurrencies is really up to them”.
Uncertainty, Lee stated that bitcoin’s future in China remains bright. He concluded, “I strongly believe that bitcoin will remain popular in China and will continue to increase in popularity there, just like how it has worldwide”.