On Friday September 24, 2021, just days after the default scare of Chinese developer Evergrande, causing turmoil in the financial and crypto markets, China's regulators have clarified that all cryptocurrency transactions and mining are illegal.
China's latest stance is by far the most harsh and comprehensive one, essentially banning all crypto activities.
China has taken different measures to constrain cryptocurrency trading and mining dating as far back as 2013; from banning banks from handling Bitcoin transactions, crackdown on mining, and now all crypto activities.
So what's different this time? This time there is no grey areas, and no ambiguity. Crypto transactions and crypto services of all kind are banned in China. The People's Bank of China (PBOC) called out bitcoin, ether, and even stablecoin tether, prohibiting any business support to crypto-related businesses.
A few exchanges have responded to the statement by PBOC and put a stop to accepting registrations for citizens of China.
Even with all this FUD (fear, uncertainty, and doom), many analysts expect the sell-offs to be short-term. This is possibly due to the number of attempts China has placed on crypto, yet it has thrived. There's strong demand for cryptocurrencies on a global scale, and China is only a portion of that.
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