Ninjastic
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Topic
Board Altcoin Discussion
Re: China says all crypto transaction are illegal
by
albon
on 03/10/2021, 20:23:56 UTC
Quote from: Ever-young on September 24, 2021, 11:31:09 AM
According to the news which was published online today by major news papers.
The China Central Bank said all crypto transactions are illegal and will work with every way possible to put an end to it. Link to news: https://www.bloomberg.com/news/articles/2021-09-24/china-deems-all-crypto-related-transactions-illegal-in-crackdown?srnd=cryptocurrencies
Since the announcement today major crypto currency has been dropping with speed in price.

My question here is, is it that the Chinese government has the power to shake the market just with a mare statement

And is it that people don't have faith in crypto knowing that the Chinese government don't have the power to do so?
This repressive decision is not new, China has since some time and even since 2013 issued such strict decisions against Bitcoin and cryptocurrencies. Fortunately, Bitcoin and altcoins have not been affected much by these decisions. In my opinion, it is difficult to ban Bitcoin in any particular country by any government due to its design because it is not subject to the control of governments and central banks.