Ninjastic
PostEdited versionsQuotes to this post
Post
Topic
Board Altcoin Discussion
Re: China says all crypto transaction are illegal
by
Valak
on 10/10/2021, 20:07:21 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?

I think the Chinese government does not have the power to ban crypto, maybe they can prevent local transactions, such as crypto exchanges with central banks. It's just a game of rumors so that the price of crypto drops, and they come back to buy crypto in bulk. So that those who panic with the conditions they convey will experience losses.