The Chinese government has once again taken decisions banning Bitcoin and other cryptocurrencies. Despite this, the Chinese cannot be prevented from buying cryptocurrencies. Beijing government introduced similar bans in 2013 and 2017.
Despite the ban, Chinese crypto buying cannot be prevented
From the local Chinese media The “South China Morning Post” newspaper published an article on the situation after the government’s new cryptocurrency bans. Accordingly, despite the ban, the Chinese can still buy crypto money and Bitcoin.
China’s new bans on cryptocurrencies triggered a huge sales wave in the Bitcoin market.. China has just announced that it is imposing broader bans on providing crypto-related services to banks and payment companies.. This led to a sales wave of close to $ 1 trillion in the crypto market.. The Chinese can still buy cryptocurrencies through exchanges abroad and continue their mining activities.
The founder and CEO of the crypto wallet application Ballet, Bobby Lee, said that the Beijing administration’s announcement individual investors are volatile. thinks it is a hedge attempt. He also states that banks will have difficulty identifying transactions related to cryptocurrencies.. He says:
“If you look at banking activity in China, millions and even billions of transactions are processed on a daily basis.. Of all these, which are truly crypto-related services and which are e-commerce or other transactions? It’s almost impossible to know.”
Lee was also the former CEO of BTC China, China’s first Bitcoin exchange.
Chinese financial and It’s not the first time he’s banned payment services.. The Beijing administration introduced similar bans in 2013 and 2017.. But this time the range of banned services is being expanded. Constant bans show that. Despite the bans, the Chinese government is struggling to close the gaps in the system.
Reuters news agency reports that the Chinese can still buy Bitcoin and other cryptocurrencies and trade cryptocurrencies on overseas exchanges such as Binance.. Yuan payments for these purchases are also made through banks and frequently used online payment platforms.
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