Over the years China financial regulations have been banning cryptocurrency transaction and mining. The government left no wiggle room: In the world’s most populous nation, buying, selling, and otherwise dealing in crypto are now legal.
This was release in a joint statement On Friday 24th September 2021, 10 government regulatory bodies vowing to crack down on cryptocurrencies and condemned the the technology as a threat to citizen’s assets and a tools for committing financial crimes base on it decentralized nature.
The press release by the People’s Bank of China, have force traders and investors to sale digital assets built on Blockchain causing fear, uncertainty and doubt (FUD) and this have lead to Bitcoin crash by 8% and other Altcoin took even bigger hits.
The regulatory bodies also announced, any foreign crypto exchange that provides services to Chinese citizens through the internet is engaging in illegal financial activities. The bank stated any individual or entity providing supporting function to offshore platform were just as guilty.
Any person or persons, organizations, individual who provides sale and marketing, payment system or settlement, technical support, knowingly or unknowingly engaged in digital currency or related business on the Chinese law will be duly investigated” the Statement read.