China Does Not Plan to Lift Ban on Crypto Transactions

Chenggang Zhu, CEO of CPIC Investment Management, has stated in an interview that the Chinese government has not altered its hard-line stance against digital currencies, but has only intensified it.

This has caused a so-called “Great Migration of Miners”, as companies producing cryptocurrency are being forced out of the country.

While Hong Kong is creating a welcoming environment for blockchain startups and cryptocurrency companies, Zhu has noted that China is instead increasing its repression of industry participants.

CPIC Investment Management is based in Hong Kong and is regulated by the local Securities and Futures Commission.

The company invests in a variety of asset classes, including digital currencies, as Hong Kong laws permit such transactions. Zhu concluded that China has no plans to soften its current policy.