Crypto Enthusiasts Beware: China Cracks Down On All Cryptocurrency Transactions
Regulators in China have announced a ban on all forms of crypto activities related to transactions and mining. These regulators include China’s premier financial institutions, the central bank, securities and foreign regulators, and many other agencies. They are taking extreme measures to control this lucrative market and are partly to blame for crypto assets such as Bitcoin and Ethereum taking a significant dive in the stock market as of September 24, 2021. Minors in China are now finding themselves in a dilemma where they can no longer mine on the internet for cryptocurrency and regular civilians can no longer use virtual currencies to execute purchases. This is troubling, due to the fact that the crypto market is becoming widely popular and is now seeing the onslaught of bureaucratic intervention.
China’s feelings on the crypto market have not changed in the last several years. They’ve issued similar bans back in May preventing payment companies and financial institutions from providing any service that involves cryptocurrency transactions. What’s different now is that the Chinese government has become more detailed in its approach to restrict their crypto market to a point where it does not undermine control of their financial systems. They feel that there would be a surge of financial crime, increased…
