Defying PBOC warnings, hundreds of people attended China’s first Global Bitcoin Summit in Beijing. Speaking about a Bitcoin ban in China, the organizer of the event, Li Xiaolai, a venture capitalist and Bitcoin advocate, told the South China Morning Post,
“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.”
The PBOC has struck down hard on Bitcoin, ordering banks to stop providing services to Bitcoin exchanges in China. As such the Bitcoin exchanges have halted significant services that help keep the companies running. In fact, the five largest Bitcoin exchanges in China opted not to attend the Global Bitcoin Summit due to the PBOC restrictions.
Hundreds Attend the Global Bitcoin Summit
Li Xiaolai was pleased with the turnout for the conference, he told attendees,
“I’m glad to have an opportunity to introduce…the environment of Bitcoin in China. It is a very stunning innovation.”
One of the attendees, Zheng Qinen, is noted to have quit his job in January because he thought he could make money faster with Bitcoin. Even though Qinen believes in Bitcoin, he still feels that the Chinese government’s crackdown on Bitcoin was “reasonable and logical.” Qinen explains,
“If I was the Chinese government, I would do a similar thing. If there is no restriction – if Beijing doesn’t say it is a risky thing, or give warning – then lots of people will lose their money.”
Another attendee, Hui Yenyan, mentioned that after buying Bitcoin when the price was high, she sold the coins when the price fell, losing 10,000 yuan in the process. Yenyan still believes in Bitcoin and says that even though she isn’t happy that she’s lost money, she hopes to get it back. In fact, she thinks that Bitcoin will end up replacing money.
Bitcoin Alliance of Canada’s Anthony Di Iorio who spoke at the Global Bitcoin Summit, took to twitter:
— Anthony Di Iorio (@diiorioanthony) May 10, 2014
It seems that even with the PBOC restrictions, Bitcoin believers came through and attended the conference.