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China ban cryptocurrency - What's behind China’s cryptocurrency ban?









Over the past ten years, Bitcoin suffered four separate losses of at least 50%, something other sectors rarely experience.









Chinese government agencies have repeatedly raised concerns that cryptocurrency speculation could disrupt the country's economic and financial order, one of Beijing's top priorities.



China first moved in 2013 to restrict its banks from using Bitcoin as currency, citing concerns its inherently speculative nature threatens the country's financial stability.


China bans cryptocurrency transactions in sweeping crackdown


Singapore looms as a prime go-to place for operations that need not be physically onshore.







Promoters of cryptocurrencies say they allow anonymity and flexibility, but Chinese regulators worry they might weaken the ruling Communist Party's control over the financial system and say they might help to conceal criminal activity.





China's central bank on Friday declared all transactions involving illegal, stepping up a campaign to block use of unofficial digital money.


Description: Also, the PBoC noted that bitcoin was a potential outlet for laundering cash.

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Friday's statement is the most detailed and expansive yet from the country's main regulators, underscoring Beijing's commitment to suffocating the Chinese crypto market.
Chinese government agencies have repeatedly raised concerns that cryptocurrency speculation could disrupt the country's economic and financial order, one of Beijing's top priorities.

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    +261reps
    2017: China bans crypto initial coin offerings In an attempt to buoy a weakening yuan and block money from flowing out of China illegally, the country’s central bank began to investigate the .
    By: BlurryLens|||https://www.facebook.com/blurrylens|||https://twitter.com/blurrylens|||https://www.youtube.com/watch?v=v5mGbauQbD0
    +332reps
    At the end of 2013, regulators directed that Chinese banks were not to accept or trade in Bitcoin. In 2019, the People’s Bank announced it would target illegal practices involving cryptocurrencies. That announcement caused Bitcoin to drop 9% versus the U.S. dollar. This new ban is aimed at stopping fraud and money laundering.
    By: Brokeinparis|||https://www.facebook.com/tooyoungtodieofficial|||https://twitter.com/brokeinParis|||https://www.reddit.com/user/Brokeinparis/
    +307reps
    China's central bank declared on Friday that all cryptocurrencies are illegal, banning crypto-related transactions and cryptocurrency mining, according to Reuters Why it matters: China's government is now following through with its goal of cracking down on unofficial virtual currencies, which it has said are a financial, social and national security risk and a contributor to global warming.
    By: BrianHuber|||https://www.facebook.com/CRGadgetGuy|||https://twitter.com/BrianHuber|||https://www.youtube.com/channel/UCIpmoGH2uncRLNT25vZhm9w
    +99reps
    China announced a ban on cryptocurrency transactions, the latest in a series of crackdowns on virtual money that comes as countries around the world are considering tougher regulations of their own.
    By: azevedohenrique|||https://www.facebook.com/pages/Aec-Emef-Maria-Aparecida-dos-Sant/194116711150428|||https://twitter.com/Dooug|||https://www.reddit.com/user/azevedohenrique
    +147reps
    China's central bank on Friday declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money. The price of.
    By: Don_Cheech|||https://www.facebook.com/public/Don-Cheech|||https://twitter.com/mrnormal123|||https://www.youtube.com/channel/UCxyE-7RVYHW7HGCpPxSpjUA
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