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Bitcoin price is recovering after China new cryptocurrencies ban

On Tuesday, China banned financial institutions and payment companies from providing services related to bitcoin and other cryptocurrencies transactions.

Bitcoin price is recovering after China new cryptocurrencies ban

Bitcoin price is recovering after China new cryptocurrencies ban

Comparing with the previous ban issued in 2017, the new rules expanded the scope of prohibited services, and determined that “virtual currencies are not supported by any real value”.

Cryptocurrencies trading has been illegal in the country since 2019 in order to cut money laundering. But people are still able to trade in currencies like Bitcoin online which has concerned the government.

Three state organisations, the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China issued a warning on their social media.

They said consumers would have no protection if they were to incur any losses from crypto-currency investment transactions.

They also added that the recent wild swings events in crypto-currency prices “seriously violate people’s asset safety” and are disrupting the “normal economic and financial order”.

The price of the currency at the deepest point was approximately $32,000, but whales started to buy at the fall and it is recovering, at the time of the writing, it is worth approximately $39,000, showing signs that bitcoin continues to be strong despite the recent pressures.

With informations: BBC.

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  1. Pingback: “I don’t care”: traders continue to trade cryptocurrencies in China - Digest Time
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