Cryptocurrency users may have become frustrated with the actions that China has taken towards the virtual currency, however it would seem those that want to use the digital tokens within the country are only just going to become even more frustrated with the latest rules and restrictions to be applied.
According to a report by Reuters, China has continued to rage war against crypto and has already shown that they are not going to back down in their fight against it, seemingly doubling up on their stance in the war and vowing to outlaw it as much as they possibly can.
In a recent announcement to have come out of the communist state, it has been revealed that the Chinese authorities will see any activity that involves cryptocurrency – whether it be Bitcoin, Ethereum or any other version of coin available – will be deemed illegal whilst also issuing a nationwide ban on cryptocurrency mining. Bettors might want to be looking to use all of their available cryptos at Quatro.ca as soon as they can.
This will hardly come as a surprise as China’s State Council vowed back in May to crack down on the practices and it would seem as though they have gone through with their aims as they aim to fend off any financial risk that they feel crypto can threaten them with.
The ban is going to be met with some force, as ten Chinese government agencies that include the central bank and foreign exchange regulators have revealed in a joint statement that they will be working hard to maintain an element of high pressure on the crackdown to ensure that trading does not happen.
In addition to barring financial institutions, payment companies and internet firms within the country from facilitating crypto trading, the People’s Bank of China has stated that digital currency must not be circulated in markets where traditional currencies and overseas exchanges are barred from providing services to mainland investors via the use of the internet.
Of course, the news that China has decided to double down on their actions in regards to crypto will have had an impact on the trading value of coins such as Bitcoin and Ethereum, with many already feeling the effects of the news on the volatile currencies.
According to data provided by Reuters, the announcement by the People’s Bank of China had already meant a 5% decrease in the value of Bitcoin had already been experienced, which was on top of the 1% it was down earlier in the day prior to the statement.