Skip to main content

Chinese crackdown this time on crypto transactions

Chinese regulators intensified a crackdown banning crypto transactions and mining. This is the third time that Chinese restrictions against cryptocurrencies in this year. Earlier in May, China banned mining as illegal and showing environmental concerns for crypto mining. After Beijing’s warning, the global mining hash rate of the measurement of computing power used to mine Bitcoins dropped by 50%. Trading crypto-currency has officially been banned in China since 2019 but has continued online through foreign exchanges.


This time it's a crackdown on crypto exchanges and it’s transactions. China has banned the services provided by overseas exchanges to mainland China customers.  The People's Bank of China (PBOC) in China has declared that all transactions cryptocurrency-related are illegal. The highest populated nation is one of the world’s largest cryptocurrency markets. Two of the world’s biggest crypto exchanges like Binance and Houbi are in trouble. They won’t allow new sign-ups through China mobile phones. Houbi has made a statement that it stopped new customers in China to register accounts. New sign-ups are still available for Hong Kong users on both exchanges, but mainland China is no longer an option for creating new accounts.


A loophole allowed locals to trade offshore accounts. Chinese cryptocurrency exchanges went overseas to carry on trading. A fall in the number of Chinese investors will remove an important source of liquidity for trading in cryptos. China’s latest push against cryptocurrencies is the final blow after years of attempted crackdowns on the rise of Bitcoin and similar digital currencies. Crypto-market has risen amid China’s declaration that crypto-related businesses are illegal. Among the top 10 coins, Ethereum was the biggest gainer, up nearly 10.30 percent. Solana, XRP, and Bitcoin gained 4-7 percent.

Labels:

Comments

Post a Comment

Popular posts from this blog

Photo : Savitri during her last days

Even after 4 decades of her death, people are very much interested to watched her (Savitri) biopic. Mahanati turned to be stupendous success. On eve of remembering Savitri, here we posted Savitri photo. The photo seems her last days. The man stand behind Savitri is Gemini Ganeshan who married Savitri. It seems that she suffered bad days during her last days.
Post a Comment
Read more

Jagan angry on Avanthi Srinivas on Bhimili meeting!

Avanthi Srinivas was joined in YSRCP in January this year. Avanthi joined in YSRCP seeking to contest as Bhimili Assembly segment in 2019 General Elections.
Post a Comment
Read more

Producers demand 18 crores for Ceded for Pavan and Trivikram film

Director Rajamouli showed the path to all other producers on how to sell product (movie) in different ways across the word. Telugu Cinema has vertically divided in two ways Before and after Bahubali. Bahubali proves that there were no boundaries in selling the movie. Other producers who are doing with star heros like Pavan, Mahesh and Jr. NTR will follow Rajamouli in this regard. But there is slight difference with Bahubali and other heros films. Unfortunately, producers and distributors fail to notice the gap. Bahubali is universal movie which was apt to all sections in the world. That is the reason for getting huge collections across the world. We didn't expect the same situation for Prabas's next movie even though his popularity increased with Bahubali. Radha Krishna who produced movies like Julayi and A. AA.. will plan to produce next film with Pavan and Trivikram. Movie was not yet started but distributors rushed toward producer for getting area-wise rights.Obviously, ...
Post a Comment
Read more