Three financial organizations in China have ordered all banks to ban clients from trading or storing cryptocurrencies. Virtually all of its trade has been banned in the country and this ban in China may have led to the fall in value of yesterday's cryptocurrencies.
In addition to banning access to cryptocurrencies, the China National Internet Finance Association, the China Banking Association, and the China Payments and Clearing Association have also asked financial institutions not to provide insurance to companies based on or cryptocurrency investments. With all this, they have made cryptocurrencies worthless in China by not having any use and would justify that yesterday all currencies lose value.
China no longer wants cryptocurrencies
The order also warns Chinese citizens about the dangers of cryptocurrencies - they said that virtual currency constitutes a bad investment, as its value and availability can be easily manipulated. Chinese web platforms have reportedly been asked not to lend hosting space to any crypto companies, and any advertisements for any cryptocurrency-related business activity have been banned. This includes cryptocurrency mining operations.
China's strong opposition to cryptocurrencies comes even as the country is home to many large Bitcoin mining operations. In fact, some of the fastest cryptocurrency miners in the world are made by Chinese companies like Linzhi and Bitmain. The new order reportedly stems from a 2019 People's Bank of China decision calling for blocking access to all cryptocurrency exchanges and initial coin offering services.
Despite its apparent aversion to all things crypto, CNBC reports that the country has not had any issues with its blockchain technology. The year its central bank called for a ban, Chinese President Xi Jinping singled out blockchain technology and called for the country to “take advantage of the opportunities» which presents. But it seems that decentralized virtual currencies are not viewed favorably.
Source: Techradar
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