minenovo
Active member
China’s government has long been known for its negative attitude toward cryptocurrencies, but in the past month that attitude became more obvious than ever when it began a harsh crackdown on the whole industry in the country.
The People’s Bank of China completely banned any institutions that offer order matching for cryptos, token issuance, and trading activities. It was made clear that they wish to limit and altogether erase any hype that surrounds crypto assets in order to “protect” the Chinese people from the crypto market.
Authorities also made clear that they will investigate any customer support departments of such businesses as part of the “Notice on Further Preventing and Disposing of the Risk of Hype in Virtual Currency Trading”.
Source
These events will undoubtedly have negative consequences for the industry as a whole, but I have little doubt that eventually it will adapt and just move elsewhere.
The People’s Bank of China completely banned any institutions that offer order matching for cryptos, token issuance, and trading activities. It was made clear that they wish to limit and altogether erase any hype that surrounds crypto assets in order to “protect” the Chinese people from the crypto market.
Authorities also made clear that they will investigate any customer support departments of such businesses as part of the “Notice on Further Preventing and Disposing of the Risk of Hype in Virtual Currency Trading”.
Source
These events will undoubtedly have negative consequences for the industry as a whole, but I have little doubt that eventually it will adapt and just move elsewhere.