Post
Topic
Board Altcoin Discussion
Re: China says all crypto transaction are illegal
by
mbakruroh
on 30/08/2022, 17:31:07 UTC
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?
They can't afford to block crypto, even for their own citizens. Crypto can flow from even the smallest gaps. If Chinese citizens are unable to disburse funds to local banks, or block all local crypto exchanges, they can withdraw funds via Credit Card. Will they block Credit Cards too? There are many other methods for withdrawing funds from crypto. The water will flow to the lowest place through small slits. I think there is only one way to block crypto, which is to block the internet network. Lol