Crypto Major Crackdown of Crypto Businesses Shakes China

[minenovo]

China’s government has long been known for its negative attitude toward cryptocurrencies, but in the past month that attitude became more obvious than ever when it began a harsh crackdown on the whole industry in the country.

The People’s Bank of China completely banned any institutions that offer order matching for cryptos, token issuance, and trading activities. It was made clear that they wish to limit and altogether erase any hype that surrounds crypto assets in order to “protect” the Chinese people from the crypto market.

Authorities also made clear that they will investigate any customer support departments of such businesses as part of the “Notice on Further Preventing and Disposing of the Risk of Hype in Virtual Currency Trading”.
Source
These events will undoubtedly have negative consequences for the industry as a whole, but I have little doubt that eventually it will adapt and just move elsewhere.

 

[Sotherefore]

All this information that is happening around the crypto space is something that you should not consider if you're thinking of investing in cryptocurrency because what these people are doing is that they are trying to put fear in the mind of peopl to sell out their cryptocurrency for the price of cryptocurrency to crash so that they can buy at the lowest point.

 

[Jonaville]

I really don't understand what is wrong with crypto currency that China is hell-bent on rooting it out of the country. What are they actually 'protecting' the people from? Crypto currency is the future, and I find it hard to comprehend why China of all countries can not see that.

 

[minenovo]

China is about to launch its own state-run digital currency, my theory is that the government does not want any competition with that.

 

[btaliat]

People have seen the worst from China and nothing from them again can shake the staunch crypto traders. Heaven was not let lose when they began their anti crpto campaign in the middle of this year. They are only doing this because they want to launch their own digital coin.

 

[minenovo]

What I am curious about is how that the state-run coin will fare against Bitcoin, even with the crackdown on Bitcoin happening.

 

[Wisdom01]

It would surely affect business ,most mining companies actually have to close operation because of the ban on cryptocurrency and this increased the unemployment rate in the country , because of factors like that ,I really wish they could reconsider the ban on cryptocurrency it would be helpful I think