Cryptocurrency has affected the economy of the whole world. Where officials of some regions considered crypto trade as opportunity and innovation, some countries also considered it illegal. China is on the top of the list. It is the country that officially declared crypto-currency transactions illegal.
Accoridng to Central Bank of China
“Virtual currency derivative transactions are all illegal financial activities and are strictly prohibited” (stated the People’s Bank of China). So the trading, sending, and mining of all digital tokens, including Bitcoin, is prohibited. But what is more frustrating is that this declaration affected Bitcoin price because China is the largest cryptocurrency market. The value of Bitcoin fell above $2,000 (£1,460).
Future of Cryptocurrency in China
This is not the first time China banned the crypto trade in the country. It declared cryptocurrency illegal in the years 2013 and 2017. Following these frequent ban declarations, we can predict the future of decentralized digital currencies in this country.
China was a multiple crypto trade platform in the past. Previous ban declarations did not affect Bitcoin much, but still, its price went down. Now it has made cryptocurrency completely illegal. It cleared that no government or any other authority would be responsible in case of any arrest or loss.
Moreover, China is launching its digital currency, which can be used for payments and trade online. Still, this ban disappointed all the traders residing in the country.
It is expected that the crypto trade might completely diminish from the government. But it can take years because Blockchain is not easy to control or monitor. This is a platform which can be played by anyone who want to play trade in crypto. So the future of Bitcoin and Cryptocurrency depends on how many experts the country has.
Jeremy is a crypto blog author who has been in the blockchain industry for 3 years. He loves to read and write about cryptocurrencies, blockchain technology, and cryptocurrency news. He is also an avid trader of various digital assets such as bitcoin and other altcoins on various exchanges including Binance, Bitfinex, Kraken, Kucoin etc.