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.
Well, this is a new step for changing. the illegal activities will diminish and those who will make a scam doings like other exchanges will afraid. in china they had a lot of exchanges or mostly of exchanges are made there. the top 5 exchanges on cmc are located in china so sure they are affected. they will if they do illegal activities. so soon we can be sure that our funds is in good hands if china is going to regulate it.