When China declares that all cryptocurrency transactions are unlawful, Bitcoin price plummets
The People’s Bank of China said that all cryptocurrency transactions are unlawful and must be prohibited
delivering the clearest message yet about its intention to take action against the sector.
The People’s Bank of China said on its website that all cryptocurrencies,
including Bitcoin and Tether, are not fiat money and cannot be circulated. The PBOC stated in a statement that all crypto-related transactions,
including those supplied to domestic citizens via offshore exchanges, are illegal financial operations.
In the wake of Friday’s sharp decline of up to 5.5% in Bitcoin value,
the SEC has issued a new set of strict guidelines as investors worry about the financial problem affecting Chinese property developer China Evergrande Group.
According to certain reports, the Chinese government is cracking down on shady mining operations.
According to Vijay Ayyar, the CEO of Asia Pacific at Singapore-based cryptocurrency exchange Luno,
although the Chinese government has made similar remarks in the past,
the recent SEC comments and broader macro climate created a “somewhat anxious atmosphere for crypto.” As a result, any remarks of this kind will prompt investors to liquidate hazardous assets.
And According to China’s economic planning ministry, cracking down on crypto mining is critical to the country’s carbon reduction objectives.
According to Nexo co-founder Antoni Trenchev, investors should brace themselves for a “knee-jerk price response as China takes the wind out of Bitcoin’s sails.” “For the time being, the recent recovery from slightly around $40,000 has certainly peaked.”
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