China Introduces Major Crackdown on Crypto Market

[mlawson71]

Three leading institutions in China made the decision to crack down on the crypto industry - the National Internet Finance Association of China, the Payment and Clearing Association of China, and the China Banking Association. They are banning financial services and payment companies from making any transactions or providing any services. According to the new rules:
-Financial institutions cannot offer any crypto-related services, no registrations, clearing trading and settlements.
-They cannot provide trust, savings, or pledging services of any crypto asset.
-They cannot issue any products related to cryptos.
-They cannot accept payments in the form of digital coins and they cannot use such as payment, nor can they provide rypto exchange services between foreign currencies and the yuan.
Source
I bet they are very close to fully implementing their CBDC if they are making such moves.

[Freemind]

Those are the same things the Chinese government has been doing since 2013, which was the first year it decided to "ban" cryptocurrencies. With these laws they are going to achieve the same thing that during the last 8 years, they are not going to achieve anything. They could shut down some mining farms or cut electricity in small areas, but little else. Cryptocurrencies will go their way, whether the Chinese government likes it or not.

[Senin]

If government, including financial and banking institutions in China refuse to cooperate with cryptocurrency, this will deal a big blow to the liquidity of the cryptocurrency, that is, its circulation within the country. Apparently, such measures are preparation for the introduction of the digital yuan, which would directly compete with the cryptocurrency. Due to the fact that no restrictions and prohibitions are introduced for citizens, and it will be possible to exchange it on cryptocurrency exchanges located in other states, citizens will be able to use it. However, without the support and legalization of cryptocurrencies by the state, it will be difficult.

[piqulhdt28]

The news of the crypto ban in China has greatly affected the price of crypto for now, it can be seen that the market is all red because of this negative news, but crypto will still run as it should despite a lot of negative crypto news and issues. And now that the market is back in the green even if it's not that high, hopefully this news won't affect crypto prices for a long time.

[neocrypto90]

Well, I know that 75 percent of total miners in the world are in China, why China did not ban mining in China since 2009? I think China is manipulating the crypto market, on one hand they ban bitcoin and crypto every year, on the other hand they support crypto, and moreover, they are preparing to launch their own cryptocurrency in the near future.

[monig18]

The news against crytpo keeps coming every two-three years.But the Big news is that most of the Crytpo is mining in China.
The market had  crashed before the news came to China.As this news spread, crash increased.And the market has not yet recovered. There is also a news that China is going to launch its own digital currency against Dollar.And that's why They doesn't want to see the crypto market flourish.

[Paglamon]

There are many small and big traders in the crypto industry all over the world. However, small traders in the cryptocurrency market cannot participate in the ups and downs of the market. Big traders work in the ups and downs of the market. I think if the value of a coin goes down a lot in the cryptocurrency market, then big traders and rich countries work. China is constantly doing such work. In other words, various kinds of bad news are spreading. I think they will buy a lot of cryptocurrencies if their prices go down. More they will reign in the world of virtual currencies. This may be China's goal.

[TomPluz]

How the market is reacting to this news is non-sense. We already know that China government had decided to ban cryptocurrency a long time ago. The fact that is renewing this ban now and implementing them is a big testament that the previous ban has not really been working at all. This should have been a big source of encouragement for the whole industry. In case, China is going to finally ban mining then that can be good news so that miners will finally fled the country and go somewhere else. Nothing to be concerned here. NOTHING.