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China is cracking down on cryptocurrency

A cryptocurrency is a digital/virtual currency, that is secured by cryptography (study of hiding information). There are over 6,500 cryptocurrencies in existence as of September 2021. The value of cryptocurrency is growing at a quick rate and analysts and experts are still expecting a sharp rise in the value of Bitcoin, the oldest, and most valuable cryptocurrency in the world. however, china doesn't seem to be on board with the idea of digital coins in its economy as it has banned dealing and trading in these digital tokens.

China has taken several decisions to curb the rise of cryptocurrency in its market since 2013 by putting in place increasingly stricter rules on virtual currencies. But on September 17th, China's central People's Bank of China (PBOC) announced that all activities from transactions made in cryptocurrency to crypto mining are deemed illegal including offering trading of digital assets, order matching, token issuance and derivatives. Anyone who's found guilty of being involved with cryptocurrencies and working for overseas platforms from within China will be severely punished. Chinese Government directed the banks to not provide any products or services such as trading, clearing and settlement for cryptocurrency transactions.


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The price of several cryptocurrencies like Bitcoin, Ethereum, Dogecoin etc. fell drastically after China's announcement. Bitcoin fell below $30,000 for the first time in more than five months nevertheless it recovered some ground by reaching $38,131, though it was still down -10.4%. Ether under Ethereum blockchain lost as much as 22% and Dogecoin lost up to 24%. Two of the largest bitcoin exchange companies Huibo and Binance have halted new registrations for new Chinese registrations and are planning to retire current accounts adhering to the country's new policies. Huibo announced that it'll close down all existing Chinese accounts by the end of the year. The ban makes buying or selling the assets difficult for Chinese mainland investors, as they cannot do so unless they leave the country. The ban has had a major negative impact on the gaming and tech sector.

Bitcoin fell below $30,000 for the first time in more than five months Bloomerg

ALSO READ: The Great Indian Crypto Circus

China was once the world's biggest bitcoin trading and mining centre in 2017. But in May 2021 China's State Council vowed to ban virtual coin transactions and mining. Several Chinese crypto companies are moving out of the country so that the impact of the ban would relatively limited. But why did China went as far as banning cryptocurrency? While the reasons behind China's ban on cryptocurrency remains vague. Speculations are that crypto trading had rebounded and was threatening to the safety of people's assets and disrupting the normal economic and financial order, that it is to prevent money laundering. A report by CryptDailyUse explained that the decision was made in favour of reducing energy prices, greenhouse fuel emissions and carbon footprints concerned with cryptocurrency transactions. China's ban will put China's internet security to test as to whether they're able to find and punish people and platforms that are breaking the laws. Some analysts have claimed that determined investors will find one or the other way to make trades in crypto or they'll simply move off-shore to perform transactions.


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