Re: China says all crypto transaction are illegal

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?

it looks like the ban applies to all digital tokens, which the Chinese government says are digital currencies are illegal and cannot be used as currency in the market for transactions. Online crypto services for citizens domiciled in China provided by overseas virtual currency exchanges are also considered illegal financial activities. This prohibition also applies to trading crypto derivatives.