Chinese buyers are paying little attention to the most ambitious federal government crackdown on buying and selling cryptocurrencies since 2017, highlighting Beijing’s challenge to curb speculative growth in digital ownership.
Chinese crypto traders banned at home exchanges in 2017 after promoting a knee-jerk and a mild restoration method on over-the-counter platforms. Exchange rates between the Chinese yuan and the stable-coin Tether fell 4.4% after a government warning earlier this month, but more than half of the losses have recovered, according to data platform cryptocurrency Feixiaohao.
Before China banned cryptocurrency trading in 2017, local media buyers owned around 7% of the world’s bitcoin and reported for around 80% of both buying and selling according to state media. Although these numbers could not be measured today due to the ban on substitution, Chinese investors have a serious presence in the crypto world through OTC home platforms and offshore events that participate through digital personal networks. It is widely believed to show.
Regulators reaffirmed this month that Chinese banks and fund companies need to determine and block suspicious transactions and that facilitating cryptocurrency trading generally violates banking guidelines. The State Council of the People’s Republic of China called for restrictions on Bitcoin trading and mining and promised to “resolutely” prevent financial risks.
Chinese regulators have not yet labeled private exchanges illegal, but the ban has an impact on the Department of Public Security because some activities are suspected of providing money laundering and terrorist financing. Such a person knows the matter.
Image Credit – china-briefing.com
Beijing police have issued printed warnings about the dangers associated with cryptocurrencies. Virtual currency is one of the most popular means of engaging in the latest scams, and anyone “panicking, having trouble distinguishing or not knowing what to do,” should call the local police contact listed, according to Bloomberg. On social media, some crypto buyers have made baseless claims that they were recently called by the local police and warned about the possibility of investing in cryptocurrencies.
Extreme changes in the value of cryptocurrencies have already made their mark. Peter, a Beijing tech employee, deposited 20,000 yuan in cryptocurrency just three weeks ago, just in time for the latest round of volatility. His wallet increased to nearly 100,000 yuan within a few days and soon returned to 14,000 yuan. He agreed with Carpe Diem’s philosophy of crypto traders around the world. “It doesn’t matter if everything goes to zero, but what if you suddenly get lucky one day?