Cryptocurrencies! Over the past year, the cryptocurrency marketplace took a run of heavy drives within the Chinese authorities. The market took the strikes sort of a warrior, but the combos have taken its toll in many cryptocurrency investors. The market lackluster Cryptocurrency Exchange Script in 2018 pales as compared to its stellar thousand-percent gains in 2017.
Regulations for Cryptocurrencies
Since 2013, the Chinese government has taken steps to manage cryptocurrency, but nothing as compared thereto which has been enforced in 2017. (Check out this text for an in-depth analysis of this official notice issued by the Chinese authorities )
2017 was a banner year for its cryptocurrency marketplace with all the eye and growth it’s attained. the extreme price volatility compelled the financial institution to adopt more extreme steps, including the banning of first coin offerings (ICOs) and clampdowns on domestic cryptocurrency exchanges.
Shortly after, mining factories from China are forced to shut down, citing excess electricity consumption. Many factories and exchanges have relocated overseas to stop regulations but remained available to Chinese investors. Nonetheless, they nevertheless don’t escape the claws of the Chinese Dragon.
In the most up-to-date series of government-led efforts to watch and ban cryptocurrency trading among Chinese traders, China expanded its” Eagle Eye” to watch foreign cryptocurrency exchanges. Firms and checking accounts suspected of completing transactions with foreign crypto-exchanges and related actions are subjected to steps from restricting withdrawal limitations to freezing accounts. There have even been continuing rumors among the Chinese community of utmost measures to be enforced on international platforms that allow trading among Chinese investors.
“As for whether there’ll be additional regulatory measures, we’ll get to await orders from the upper authorities.” Excerpts from an interview with the team leader of China’s Public Information Network Security Supervision Service under the Ministry of peace, 28th February
Imagine your child investing his or her savings to take a position into an electronic product (in this scenario, cryptocurrency) he or she has no way of verifying its authenticity and value. He or she could get lucky and hit it wealthy, or break down all when the crypto bubble burst. Now scale that to many Chinese citizens and that we are talking about billions of Chinese Yuan.
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