Ten Chinese government agencies, including the central bank as well as banking, securities and foreign exchange regulators, said in a joint statement they would work closely to maintain a"high-pressure" clampdown on trading of cryptocurrencies.
The moves come after China's State Council, or cabinet, vowed in May to crack down on bitcoin mining and trading as part of efforts to fend off financial risk, sparking a major sell-off of cryptocurrencies.The Chinese government will"resolutely clamp down on virtual currency speculation, and related financial activities and misbehaviour in order to safeguard people's properties and maintain economic, financial and social order," the PBOC said in a statement on its website.
"There's a degree of panic in the air," said Joseph Edwards, head of research at cryptocurrency broker Enigma Securities in London."Crypto continues to exist in a grey area of legality across the board in China."U.S.-listed miners Riot Blockchain, Marathon Digital and Bit Digital slipping between 6.3 percent and 7.5 percent in premarket trading. China-focused SOS dropped 6.1 percent while San Francisco crypto exchange Coinbase Global fell 3.4 percent.
So what.
Also to stop Chinese citizens from securing wealth out of the reach of the CCP.
Crypto will shoot up once we no longer fear china's boogyman & it's no longer already not having the same effect anymore. Once that's done, china's threat will be like water on duck's back
Cryptos are just the infant state of new company script & needs to be nipped in the bud everywhere.
Crypto doesn’t need China, but China will need crypto to survive in the digital world
They’ve been banning crypto so it’s not a huge surprise. Also there’s other nations that do allow it so it’s not the end of the world. Regular currency still exist.
Biden may owe up to $500k in back taxes, report says
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