China is at the heart of a civil war over the future direction of Bitcoin, as US-led companies argue for expansion of the network, while the handful of Chinese firms, through which 70% of all Bitcoin transactions pass, are divided. Some agree with their US counterparts, while others want the currency network to remain controllable, despite the resultant lengthy delays to transactions. The battle has been going on since early 2013, when China’s central bank issued an edict banning banks from dealing in bitcoin.
China is at the heart of a civil war over the future direction of Bitcoin, as US-led companies argue for expansion of the network, while the handful of Chinese firms, through which 70% of all Bitcoin transactions pass, are divided. Some agree with their US counterparts, while others want the currency network to remain controllable, despite the resultant lengthy delays to transactions. Critics argue the stranglehold on Bitcoin in China is contrary to its "borderless, decentralised" origins, and warn against possible intervention by the Chinese government.