Another wave of Bitcoin FUD is coming from China as the Chinese central bank claimed that local state agencies have improved tools to fight against crypto transactions more effectively.
The Chinese government is getting more serious about cracking down on the cryptocurrency industry as state authorities are bringing forces to combat crypto operations in the country.
The People’s Bank of China (PBoC) officially announced on Friday a set of new measures to fight against crypto adoption in China, including promoting stronger inter-departmental coordination in cracking down crypto activity.
https://cointelegraph.com/news/chinese-regulators-unite-forces-to-crack-down-on-cryptoCan this negatively affect the price of Bitcoin or has the market already reacted to it because it is old news?
China is starting to influence crypto globally, they are playing the issue of bringing down crypto, indeed what they are doing will definitely have an effect, although not so much, China has enough resources to influence it, China has the biggest trading relationship for the world and while all this they are doing it collectively at the same time, crypto will have an impact on the problems they cause, even China has banned crypto mining for its citizens, with the consideration that the digital currency they issue must be in position 5 cryptocurrencies, this continues with the problem of what they are doing now.