China Crypto Ban Update: Citizens Banned from Platforms + Evergrande Crypto Hit?

cryptocurrency 3 months ago

It seems like China has been in the news every day for the last week. And not only for crypto. On Friday, China’s central bank renewed its tough talk on bitcoin, calling all digital currency activities illegal and vowing to crack down on the market. 🚀 Save money on every crypto trade you make with StormGain! Enjoy a onetime 0.1% trading fee with this link: In a Q&A posted to its website, the People’s Bank of China said services offering trading, order matching, token issuance and derivatives for virtual currencies are strictly prohibited. Overseas crypto exchanges providing services in mainland China are also illegal, the PBOC said. “Overseas virtual currency exchanges that use the internet to offer services to domestic residents is also considered illegal financial activity,” the central bank said. Workers at foreign crypto exchanges will be investigated, it added. It’s not the first time China has gotten tough on cryptocurrencies. Earlier this year, Beijing announced a crackdown on crypto mining, the energy-intensive process that verifies transactions and mints new units of currency. That led to a sharp slump in bitcoin’s processing power, as multiple miners took their equipment offline. What do you think will happen to Evergrande? And do you guys think it will still have an impact on Bitcoin and the cryptomarkets? Let us know in the comments down below! 00:00 Intro 00:42 China Strikes Again 02:55 Huobi Stops Accepting Chinese Users 03:39 Evergrande Debt 05:32 Recap #ChinaCrypto #CryptoBan 📊 Join our global trading community on Telegram. Get access to a free trading course, trading signals, and receive help from professional cryptocurrency traders. ✈️ JOIN NOW!: TWITTER: FACEBOOK: INSTAGRAM: TIKTOK: Disclaimer: Although BeInCrypto aims to inform and educate readers from all over the world, it is important to remember that investing in cryptocurrency is risky. Neither this video nor its authors should be held responsible for any investment decisions, and nothing published here should be considered financial advice. We always urge our readers/viewers to do their own research and never invest more than they can afford to lose.
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