Chinese Central Bank Reiterates: We Continue to Pressure Crypto Market
Follow Us @
Chinese Central Bank Reiterates,
The Chinese central bank will continue with the crackdown on the market for digital coins, the central bank said in a statement on Saturday. In recent times, the Chinese authorities have been increasingly strict against the trade in cryptocurrencies, which in previous cases led to fear among investors, resulting in price drops of crypto coins.
Beijing is concerned about the financial risks associated with cryptos. According to China, cryptocurrencies are often used for black trade, arms smuggling, gambling and drug trafficking.
The government has banned major banks and payment service providers from trading digital coins and services for transactions with cryptos. China says digital coins pose a threat to financial stability. (Chinese Central Bank Reiterates: We Continue to Pressure Crypto Market)
In addition, China is working to prevent the mining of digital coins such as bitcoins. The large energy consumption is at odds with the sustainable ambitions of China, which is an important player in the mining of cryptos.
China’s attack on the crypto market previously led to a sharp drop in the value of some cryptocurrencies, such as bitcoin. At the end of last month, the price of the best-known digital currency fell by 8 percent to 33,000 dollars (about 27,800 euros), when mining was partially banned in China.
Since then, the bitcoin has risen in value again to 41,600 dollars. The new warning from the Chinese central bank seems to have no effect.
Chinese Central Bank Reiterates: We Continue to Pressure Crypto Market
CONTINUE WITH US ON OUR SOCIAL MEDIA
JOIN US ON FACEBOOK: @ TodaysGist.com
JOIN US ON TELEGRAM : @ Whatsapp Group
JOIN US ON TWITTER : @ Twitter.com
Thanks for chosen TodaysGist, Feel free to be the first to leave us a comment down the comment box. Enjoy our reward system
-
Cryptocurrency3 months ago
NFT Sales Touch IDR 4.3 Trillion in the Second Week of February 2024
-
Sports3 months ago
Making history at the 2023 Asian Cup, the Indonesian national team raises its position in the FIFA rankings
-
Sports3 months ago
PSG Will Try to Sign Frenkie De Jong from Barcelona
-
usa today entertainment3 months ago
Adu Outfit Park Min Young Becomes an Office Worker, from Drakor What's Wrong with Secretary Kim to Marry My Husband
-
Sports3 months ago
Falling from Bilbao, Girona's position is threatened in the Spanish League
-
Sports3 months ago
And Ashworth Urges Manchester United to Seize an Important Figure at Chelsea
-
Trend tech & Telecoms3 months ago
28 Terrorist Group Accounts Get Paid Blue Check on X
-
Sports3 months ago
Lukaku Calls Draw Away Good Results