China declares all crypto-related transactions illegal and forbids overseas exchanges from serving its citizens.
The PBOC said all crypto-related transactions are not allowed under the law.
Activities considered illegal cover a range of operations, such as buying and selling virtual assets as a central counterparty, and providing intermediary or pricing services for crypto transactions. It also includes token issuance financing, crypto derivatives transactions, and other activities suspected of illegal sale of tokens.
"Those who carry out related illegal financial activities that constitute a crime shall be investigated for criminal responsibility in accordance with the law,"
China's market regulators and the Ministry of Public Security said cryptocurrency is "disrupting the economic and financial order, breeding illegal and criminal activities such as gambling, illegal fund-raising, fraud, pyramid schemes, and money laundering, and seriously endangering the safety of people's property."
How will this impact Bitcoin and other cryptoprojects?? What do you think guys?
Didn't China already banned cryptocurrencies few months ago ? What's different this time ?
This Country has repeatedly restricted the use of cryptocurrencies and it doesn't impact cryptocurrencies in the long term now.
From what I read on Cointelegraph an old announcement from China is getting viral on social media causing the sudden fall in bitcoin's price.
I think this is just temporary and in just a few days we will be able to see the bitcoin back above $45k range.
When China announced that mining would be banned, prices dipped, but when they finally put a full ban on crypto in China, I think that prices of most cryptos will drop a bit. I think since this is a pretty predictable dip, that its worth to buy into. Still dont know which one, but I think that it would be profitable to most crypto people to aquire some coins during the dip.