The Shanghai Headquarters of the People's Bank of China said that in the process of promoting the blockchain technology, virtual currency speculation has gone up. Next, the cryptocurrency business activities in the area will be continuously monitored. Once illegal activity is found, it will be punished immediately, and it will be done early and prevent it from happening. The Shanghai Headquarters of the People's Bank of China said it would rectify illegal cryptocurrency speculation and remind investors not to replace cryptocurrency with blockchain technology. As soon as the news came out, Bitcoins market was also affected by it. It recently broke through the $7,000 level and continued to go down.
the market reaction is normal because we already knew about the manipulators that waiting for a chance to take some cash instantly.
but for me?this action from Chinese government means they are serious in their support to crypto,what they only want is the clarity of the flow because we also knew the illegal businesses that wanted to use crypto as their way to bag money.
This is the wrong policy for China regarding cryptocurrencies, they should stop.
mind to tell us why this become a wrong policy?when they are only monitoring illegal activities?