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New bans in China and the reaction of the crypto market. Short Overview

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Bans in China and crypto market reaction image on on news.bitxmi

Bans in China and the reaction of the crypto market. Short Overview

The PRC authorities continue to put pressure on the industry. This is reflected in the quotes of bitcoin and other cryptocurrencies.

A new statement by the People’s Bank of China

On September 24, the People’s Bank of China (PBOC) announced a complete ban on all crypto transactions. Now all transfers using bitcoin and other cryptocurrencies, including stablecoins, are classified as illegal financial activity.

Decline in quotes

After the announcement of the People’s Bank of China, the bitcoin rate on the Bitxmi.com crypto exchange fell by almost $ 3 thousand per hour, dropping to $ 40.6 thousand at the moment. At the same time, the Ethereum price fell to $ 2.7 thousand.

Blocking popular cryptocurrency websites

Two of the most popular cryptocurrency sites, CoinGecko and CoinMarketCap, are now unavailable for residents of mainland China. The PRC authorities have added sites to the block list. Mass complaints from users about the inability to access resources began to appear on September 28.

Alibaba and mining hardware

From October 8, Chinese e-commerce giant Alibaba will stop selling cryptocurrency mining hardware, training materials, and software. The company explained this decision by “unstable laws and regulations regarding virtual currencies and related products.”

How it all began

At the end of May, Vice Premier of the State Council of the People’s Republic of China Liu He called for stricter regulation of mining and crypto trading. After that, the authorities of local provinces began to prohibit the mining of cryptocurrency, and businesses to leave the country.

The main reason for the bans in China

The financial market of China, and in general the economic and political system in the country, is arranged in such a way that something “foreign” and created not by the government cannot be controlled or prohibited.

Should we expect a decrease in the impact of bitcoin on the market?

Sooner or later, there will simply be nothing to prohibit. Chinese investors and companies are either hiding their crypto capitals or transferring businesses to other jurisdictions.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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