Current Events > China's central bank says all cryptocurrency-related activities are illegal

(+) Yeah! (+)

https://www.cnbc.com/2021/09/24/china-central-bank-vows-harsh-crackdown-on-cryptocurrency-industry.html

Chinas central bank renewed its tough talk on bitcoin Friday, calling all digital currency activities illegal and vowing to crack down on the market. In a Q&A posted to its website, the Peoples Bank of China said services offering trading, order matching, token issuance and derivatives for virtual currencies are strictly prohibited. Overseas crypto exchanges providing services in mainland China are also illegal, the PBOC said. Overseas virtual currency exchanges that use the internet to offer services to domestic residents is also considered illegal financial activity, the PBOC said, according to a CNBC translation of the comments. Workers of foreign crypto exchanges will be investigated, it added. The PBOC said it has also improved its systems to step up monitoring of crypto-related transactions and root out speculative investing. Financial institutions and non-bank payment institutions cannot offer services to activities and operations related to virtual currencies, the bank said, reiterating past comments.

The price of bitcoin sank over 3% on a 24-hour basis, last trading at around $42,239, according to Coin Metrics data. Ethereum, the second-largest digital asset, fell 7% to $2,860. Stocks with heavy exposure to crypto also slumped in premarket trading, with Coinbase down by nearly 4%, MicroStrategy slipping 5% and Riot Blockchain down over 6%. Its not the first time China has gotten tough on cryptocurrencies. Earlier this year, Beijing announced a crackdown on crypto mining, the energy-intensive process that verifies transactions and mints new units of currency. That led to a sharp slump in bitcoins processing power, as multiple miners took their equipment offline.



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good

i would like all people to stop destroying the environment for money

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Don't worry bro El Salvador is on the btc standard

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Good news
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US may not be far behind. Congress is already talking about regulating it in some way.

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This is good for Bitcoin

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Meanwhile the Philadelphia 76ers will have a crypto.com Jersey patch this upcoming season.

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Crypto will never be a widely used currency and is therefore essentially a gamble that will totally fall apart for its investors

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Nice

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Damn_Underscore posted...

Crypto will never be a widely used currency and is therefore essentially a gamble that will totally fall apart for its investors

You know I used to agree with this but then it never went away

I honestly think it's going to stick around. I really thought it was a dumb fad

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Good, this will help stabilize the GPU market
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What ever will we do now that btc, worth 3k a year ago, has shrunk to 42k?

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I dont care what China does in their own country

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That rocks

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This was probably their once chance to have a leg up on the U.S.

If there's one thing you can rely on a Communist country to do, it's that they'll trip over their own feet.

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Damn_Underscore posted...

Crypto will never be a widely used currency and is therefore essentially a gamble that will totally fall apart for its investors

I used to think this. Then 12 years went by and I realized its not another tulip mania or beanie baby craze, both which lasted under one year. Then I got into the nitty gritty and realized what the stuff is really all about (freeing us from banks) and I finally bought in. Its poorly named as cryptocurrency. It should be called cryptofinance. People get way too hung up on the word currency when thinking about this stuff, its changing every aspect of finance, most of which are not meant for everyday use.

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The banks are very trustworthy with our money.

At the very least, they are FDIC insured.

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There's a bitcoin kiosk in my local liquor corner store, and it's not like a 7-11 or Circle K or anything like that.

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China does this all the time

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China is developing its own crypto, and needs to eliminate any competition.
https://www.publicwire.com/china-rushes-to-develop-own-cryptocurrency/

Any nation that decrees "cryptocurrency bad!! - except this one" should not be trusted, nor should any official state crypto.

would it be a good idea to invest in that crypto >_>

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Guns_of_Verdun posted...

I honestly think it's going to stick around. I really thought it was a dumb fad

I mean its absolutely a bubble, but as long as new suckers come along to buy into it, the bubble will remain unpopped.

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If you buy in early and low, with money you don't really need, sit on it for awhile, and your only transaction is cashing out, CCPCoin may actually be a decent investment.
The biggest risk of hoarding official digital money is a sudden grab.