Post
Topic
Board Altcoin Discussion
Re: China says all crypto transaction are illegal
by
Almasani
on 30/08/2022, 20:22:01 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?
The China Central Bank feels capable of controlling all state finances, even the world's financial system. I think they overdosed on giving statements. Maybe they have other plans behind the statement. If the price of crypto drops with their statement, then they have the opportunity to take part in buying crypto in large quantities. Or they have plans to develop their own crypto. China and America are the strategic owners of the world's business, so they often issue contradictory statements. That's something that appeals to them, but not to us crypto lovers. Because more or less we know their business strategy.