• About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions
Monday, March 27, 2023
  • Login
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Litecoin
    • Ripple
    • Altcoin
    • Stablecoin
    • Press Release
  • Blockchain
  • Business
  • Market Analysis
  • Live Price
  • ICO News
  • Regulation
  • Guide
  • Trading
No Result
View All Result
Crypto Reception
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Litecoin
    • Ripple
    • Altcoin
    • Stablecoin
    • Press Release
  • Blockchain
  • Business
  • Market Analysis
  • Live Price
  • ICO News
  • Regulation
  • Guide
  • Trading
No Result
View All Result
Crypto Reception
No Result
View All Result
Home Market Analysis

China’s Central Bank Calls for Crypto Trading Ban | Crypto Briefing

June 21, 2021
in Market Analysis
Reading Time: 4 mins read
0
China's Central Bank Calls for Crypto Trading Ban | Crypto Briefing
Share on FacebookShare on TwitterShare on RedditShare on Whatsapp


Key Takeaways

  • China’s central bank has issued guidelines for a harder crackdown on crypto.
  • Bitcoin and crypto prices crashed this morning after the news broke-out, with experts warning this crackdown is more serious than previous ones.
  • The implementation of further bans in China threatens a huge setback for crypto markets.

Share this article

The central bank of China called a meeting Monday with the country’s banks to crack down harder on cryptocurrencies, Reuters reported.

Central Bank in China Calls for Ban on Crypto Trading

Chinese regulatory fear has gripped the market this morning.

First, the Agricultural Bank of China published a letter on its website early Monday, ordering the prohibition of crypto-related services. Crypto Briefing confirmed from two independent sources that the post was taken down in minutes. However, the contents of the post left crypto investors terrified.

Quick explainer for those confused re AGbank

The agricultural bank of china released an announcement saying any customers dealing with crypto will have accounts closed

15 mins later it appears they deleted the notice

2021 getting rugged by the third largest bank in the world pic.twitter.com/qXax70lqgA

— db (@tier10k) June 21, 2021

In the letter, the third-largest bank in China released a formal “Statement of Virtual Currency Transactions,” making clear its intentions to prohibit service to account holders and service providers involved in Bitcoin transactions.

Hours after the deleted letter was shared on social media, the country’s central bank has confirmed the fears of a stricter regulatory crackdown.

“Speculative trading in virtual currencies roils economic and financial order, spawns the risks of criminal activities such as illegal asset transfers and money laundering, and endangers people’s wealth,” stated the People’s Bank of China.

The People’s Bank of China is looking to discontinue services to account holders and entities involved in crypto trading. The central bank reportedly called upon financial institutions to cut payment channels for crypto trading and related services.

A Bigger Chinese Threat Than Ever

While reiterating a crypto ban in China may sound redundant to investors who have around for some time, experts have raised a serious cautionary flag this time. 

The recent crackdown began in May after the Financial Committee of the State Council vowed to curb wasteful mining and irresponsible trading practices in the country. 

Since then, local governments have enacted a ban in all major mining provinces. Today’s banking scare from the country’s central bank has intensified the fears of trading prohibitions, threatening a major decline in crypto trading volumes. 

Dovey Wan, a Chinese crypto investor and the founder of Primitive crypto, tweeted that, “now it’s about the time for the worst (at least for mainland) to come.”  She noted that the crackdown could expand to OTC desks and exchanges.

Wan added that the recent meetings were  “about collecting data/information and observing market and industry feedback,” and the government could take further steps soon. 

The Chinese government banned crypto exchanges in 2017. However, crypto investors in China got around this ban by using OTC desks and foreign exchanges for trading. Many Chinese exchanges like Huobi, OKEx, and Binance also relocated and continued to serve Chinese users from overseas.

BTC/USD 1-hour chart. Source: Trading View

Bitcoin was trading 7.5% lower today since the first report from the Agricultural Bank of China came out. Ethereum dropped below $2000, losing 11.5% on a daily scale.

Meanwhile, China continues to expand its central bank digital currency program, long considered a threat to the free use of decentralized cryptocurrencies in China.

Speaking to Crypto Briefing, Cryptohopper CEO Rudd Feltkamp said “China is rolling its own cryptocurrency and has every incentive to have as little competition as possible,” adding that “People still react strongly to actions from China that create uncertainty, so this is likely to reflect negatively on the Bitcoin price.”

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.





Source link

Related articles

Institutional investors put $160M into crypto products

Institutional investors put $160M into crypto products

March 27, 2023
Komodo makes AtomicDEX Mobile 100% open source

Komodo makes AtomicDEX Mobile 100% open source

March 27, 2023
Share2Tweet1ShareSend

Related Posts

Institutional investors put $160M into crypto products

Institutional investors put $160M into crypto products

March 27, 2023
0

Investors put $160M into crypto investment products amid concerns around traditional finance. Bitcoin recorded the largest inflows of $128...

Komodo makes AtomicDEX Mobile 100% open source

Komodo makes AtomicDEX Mobile 100% open source

March 27, 2023
0

Komodo is a leader in blockchain interoperability and atomic swap technology. It is the company behind the AtomicDEX app....

Gemini crypto exchange announces staking for Polygon

MATIC price outlook as Polygon zkEVM goes live on mainnet

March 27, 2023
0

Polygon Labs has announced its Polygon zkEVM is now live. MATIC, the native Polygon token is trading 8% down...

MicroStrategy repays Silvergate Bank loan, buy 6,455 BTC

MicroStrategy repays Silvergate Bank loan, buy 6,455 BTC

March 27, 2023
0

MicroStrategy founder Michael Saylor announced the company had repaid the $205 million loan at a 22% discount. The company...

Binance launches new regional hub in Georgia

Binance launches new regional hub in Georgia

March 27, 2023
0

Key takeaways Binance has opened a regional hub in Georgia as it expands its global reach. The crypto exchange...

Load More
  • Trending
  • Comments
  • Latest
Cryptanalysis project Toon Finance Coin will bring larger returns than DOGE & SHIBA INU in 2023 | NewsBTC

Cryptanalysis project Toon Finance Coin will bring larger returns than DOGE & SHIBA INU in 2023 | NewsBTC

December 17, 2022
Crypto Academy CEO Granit Mustafa: blockchain will “redefine digital finance”

Crypto Academy CEO Granit Mustafa: blockchain will “redefine digital finance”

September 23, 2022
Crypto inflows

Exchange Inflows Ramp Up As Crypto Investors Clamor To Exit Market

June 14, 2022
Twitter Begins Massive Layoffs — Elon Musk Says 'No Choice' Citing $4M Loss per Day

Twitter Begins Mass Layoffs — Elon Musk Says ‘No Choice’ Citing $4M Loss per Day – Featured Bitcoin News

November 6, 2022
Institutional investors put $160M into crypto products

Institutional investors put $160M into crypto products

0
Floyd Mayweather – Boxing Champion Promoted an ICO

Floyd Mayweather – Boxing Champion Promoted an ICO

0
Cannabis Industry Going Crypto | CryptoPost

Cannabis Industry Going Crypto | CryptoPost

0

Why South Korea Decided To Ban ICOs?

0
Institutional investors put $160M into crypto products

Institutional investors put $160M into crypto products

March 27, 2023
Bitcoin, Ether Slump As CFTC Sues Binance And CZ Over ‘Willful’ Violation Of U.S. Laws

Bitcoin, Ether Slump As CFTC Sues Binance And CZ Over ‘Willful’ Violation Of U.S. Laws

March 27, 2023
gary gensler crypto market news

Who Is Next After Binance? SEC Alerts Crypto Investors Amid Binance Crackdown

March 27, 2023
Experts Predict More Bank Failures in the US Following Interest Rate Hike and Unsettled Banking Crisis

Experts Predict More Bank Failures in the US Following Interest Rate Hike and Unsettled Banking Crisis – Economics Bitcoin News

March 27, 2023

Recommended

Bitcoin flows indicator suggests short term bullish flip

Bitcoin flows indicator suggests short term bullish flip

August 26, 2022
Guarda announces its 8th crypto stalking validator

Guarda announces its 8th crypto stalking validator

September 24, 2021
Bitcoin Hashrate Slides as Texas Miners Curtail Hashpower to Bolster the Grid – Mining Bitcoin News

Bitcoin Hashrate Slides as Texas Miners Curtail Hashpower to Bolster the Grid – Mining Bitcoin News

December 25, 2022
LemonChain

MACHAON CARE’s LemonChain(LEMC), listed on Probit Global | NewsBTC

March 16, 2022

Recent News

Institutional investors put $160M into crypto products

Institutional investors put $160M into crypto products

March 27, 2023
Bitcoin, Ether Slump As CFTC Sues Binance And CZ Over ‘Willful’ Violation Of U.S. Laws

Bitcoin, Ether Slump As CFTC Sues Binance And CZ Over ‘Willful’ Violation Of U.S. Laws

March 27, 2023

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Business
  • Ethereum
  • Guide
  • ICO News
  • Litecoin
  • Market Analysis
  • Press Release
  • Regulation
  • Ripple
  • Stablecoin
  • Trading
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions

CryptoReception © 2021 All rights reserved

No Result
View All Result
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Litecoin
    • Ripple
    • Altcoin
    • Stablecoin
    • Press Release
  • Blockchain
  • Business
  • Market Analysis
  • Live Price
  • ICO News
  • Regulation
  • Guide
  • Trading

CryptoReception © 2021 All rights reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.