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Chinas cryptocurrency crackdown ineffective
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For 02685 btc to usd usual reserve
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The digital currencies can't be used as a form of payment in major financial institutions in the country. As cryptocurrencies keep garnering attention, China has taken a different stance. The country has banned financial institutions from allowing any cryptocurrency transactions including conducting business or offering any services with digital currencies. The announcement was made on Tuesday, May 18, and was prompted by the recent volatility in the crypto market, a Forbes report stated.
China's announcement further exacerbated the market's volatility, as Bitcoin's price dropped by 10 percent on Wednesday, as CoinMarketCap pointed out. At its lowest, it saw 38, USD a couple of hours ago. In fact, most cryptocurrencies' worth dropped, as can be seen on CoinMarketCap's charts.
China's joint announcement , made by three Chinese industry groups, explained that banks, payment platforms, and lending companies are banned from offering any cryptocurrency-related transactions, from trading to clearing.
According to the announcement, the main issue with the digital currency market is its extreme volatility. This ban doesn't mean that people in China aren't able to hold cryptocurrencies, unlike India's potential decision to completely ban any individual from owning, trading, or mining digital currencies.
However, yesterday's move wasn't the first one China has taken against cryptocurrencies. Its negative relationship with digital tokens began back in , when the nation closed down its cryptocurrency exchanges, CNBC report explains. Since then, many institutions in China have been reluctant to dip their toes in the crypto pool.
And in , the People's Bank of China issued a statement in which it said it would block all access to domestic and international cryptocurrency exchanges. Skip to content Profile Avatar. Subscribe to Entrepreneur. Magazine Subscriptions. By Euni Han May 20, Opinions expressed by Entrepreneur contributors are their own. Vertigo3d Getty Images China has outlawed cryptocurrency trading since due to concerns about money laundering.
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China’s Cryptocurrency Crackdown: What’s The Real Reason Behind Beijing’s Move?
China's crypto crackdown isn't new. China has targeted bitcoin since , forbidding financial institutions from handling bitcoin transactions. In , China's central bank declared initial coin offerings (ICO) illegal, causing bitcoin's value to temporarily plummet. While the. China reiterated it would continue its crackdown on crypto speculation, according to a statement from the country's central bank on Friday.