China continues to tighten its grip on cryptocurrencies

on

|

views

and

comments

- Advertisement -

SHANGHAI: China has banned cryptocurrency trading and exchanges to ensure their currency is traded lawfully.

The Chinese government has made it very clear that there will be penalties for those that engage in bitcoin mining and trading. The country is taking proactive steps to help prevent future economic uncertainties.

Ten Chinese governments agencies including the central bank, banking, securities, and foreign exchange regulators are collaborating to develop blockchain standards, they said in a joint statement that they would work closely to maintain a “high-pressure” Financial regulator crackdown on trading of cryptocurrencies, speculators.

Recent reports show that China is actually cracking down on cryptocurrencies. The People’s Bank of China said cryptocurrencies must not be allowed to circulate on the markets as traditional currencies and that overseas exchanges are currently barred from providing service to mainland investors via the internet.

- Advertisement -

In retaliation to concerns from many of its citizens, the PBOC prohibited financial institutions, payment companies and internet providers from providing cryptocurrency trading systems.

Must Read: Facebook Meta – The Complete Guide to the Metaverse and How it Will Shape the Future of Virtual Reality

The government has taken a stance against the speculation around virtual currency and is also considering regulation within the industry to protect people’s assets.

The National Development and Reform Commission is undertaking a full-scale crackdown on cryptocurrency mining all over the nation. The NDRC has drafted a letter to provincial governments, urging them to strictly regulate miners in their locality.

- Advertisement -

Bitcoin dropped to its lowest point today after news from governments in Asia, the market reacted badly. Hopefully, it will stay steady.

Disclaimer: The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.

- Advertisement -
Share this
Tags

Must-read

0x ZRX White Paper

Hello and welcome to this blog post about 0x ZRX White Paper. I am very excited to know that you are interested in this...

0x ZRX

0x ZRX is an open-source protocol for powering decentralized exchange of tokens and assets issued on the Ethereum blockchain. https://www.youtube.com/watch?v=-UMhhM5z7cc Website ...

Recent articles

More like this

LEAVE A REPLY

Please enter your comment!
Please enter your name here