HERE/FORTH CEO, Paul Armstrong, was asked for his thoughts on China backing away from Bitcoin by ordering the closing of its cryptocurrency exchanges by BBC News:
"China is shutting the exchanges down for good reasons - I think it's right they're being cautious at this time," Paul Armstrong, an emerging technology adviser and author of the book Disruptive Technologies, told the BBC.
"Bitcoin is by proxy unregulated and peer-to-peer, it's a very volatile currency."
However, Mr Armstrong does not think that this will be the end of Bitcoin in China for good. "They're shutting it down for now, but it doesn't mean that in six months or so they won't create new Bitcoin regulations like Japan and Australia did," he said.
"All the other countries have digital currencies and are making important decisions about it, so it doesn't make sense for China to dismiss it out of hand." He added that China's decision could prompt Chinese investors to seek alternative options to digital currencies, such as moving out of the country and operating exchanges or Bitcoin mining pools in other regions.