Since 2013, China has made several attempts to hinder the acceleration of the cryptocurrency. First, they banned the country’s banks from using it. Then in 2017, the country banned crypto exchanges. Earlier this year, they cracked down on Bitcoin mining. So what’s different now?
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Now China has decided to officially ban all crypto-related transactions by businesses and citizens. The document, the full translation of which you can read below, was released by the People’s Bank of China on the 15th but is only now circulating in the media.
The language used in the document is in a serious tone and indicates that the punishment can be severe for using the cryptocurrency.
The translation of the document states that the Bank and relevant agencies “would severely crack down on illegal financial activities related to virtual currencies” and that they “would seriously investigate the legal responsibilities of legal persons, unincorporated organizations and related natural persons. for crimes. “
The document is signed by several government organizations, including the “Central Administration of Cyberspace of the People’s Bank of China”.
Many are calling this news more “FUD,” also known as Fear, Uncertainty, and Doubt, and that this is just another harsh message from China on the cryptocurrency that is emerging. has already been produced several times.
Others noted other things that China has also banned that have become a big hit.
Regardless, the price of Bitcoin fell for the second time this month, falling more than 5%. Others, like Ethereum, fell 8% or more.