{"id":10933,"date":"2021-09-24T15:58:08","date_gmt":"2021-09-24T14:58:08","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=10933"},"modified":"2021-09-24T15:58:17","modified_gmt":"2021-09-24T14:58:17","slug":"chinese-government-release-details-on-the-crypto-ban","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/chinese-government-release-details-on-the-crypto-ban\/","title":{"rendered":"The Chinese government releases further details about the cryptocurrency ban"},"content":{"rendered":"\n
The Chinese government has<\/a> announced further details relating to its ban on cryptocurrencies and also clarifying its stance on cryptocurrency in general.<\/h5>\n\n\n\n
\"\"<\/figure><\/div>\n\n\n\n

More information about China's cryptocurrency ban has been disclosed by the government on issues relating to the cryptocurrency ban.<\/p>\n\n\n\n

“Recently, virtual currency trading hype activities have increased, disturbing economic and financial order\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> and fostering unlawful and criminal activities including gambling, illicit fundraising, fraud, pyramid schemes, and money laundering,” according to the authorities.<\/p>\n\n\n\n

To avoid these dangers from worsening, the government issued a notification today clarifying its stance on cryptocurrency. In China, virtual currencies do not have the same legal status as conventional currency, according to the notification.<\/p>\n\n\n\n

The government's warning states that “virtual currency-related economic activities are illegal financial activity.” The notice also recommends that risk monitoring and early warning systems for virtual currency trading be strengthened.<\/p>\n\n\n\n

The crypto markets have already been impacted by this freshly published information. Bitcoin,<\/a> the industry's leading cryptocurrency, has fallen over 4% in the previous hour, while Ethereum has fallen 3.3 percent in the same time frame.<\/p>\n\n\n\n

In other news, the Huobi token (HT) has dropped almost 15% in the last week. Huobi is a Chinese cryptocurrency exchange with locations all throughout Asia.<\/p>\n\n\n\n

China and cryptocurrency<\/h2>\n\n\n\n

The Chinese crypto business has been put to the test this year. China has been cracking down on cryptocurrency mining since February, ordering miners in provinces<\/a> such as Inner Mongolia and Xinjiang to shut down their operations.<\/p>\n\n\n\n

The central bank's ban on enterprises dealing with cryptocurrency was then reinforced by a group of three payments and financial associations in May.<\/p>\n\n\n\n

Cryptocurrency trading, according to the National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China, is a “speculative” activity.<\/p>\n\n\n\n

While crypto mining has been the target of particular criticism<\/a> for the majority of this year, China's efforts to outlaw crypto trade date back to 2017.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Chinese government has announced further details relating to its ban on cryptocurrencies and also clarifying its stance on cryptocurrency in general. More information about China’s cryptocurrency ban has been disclosed by the government on issues relating to the cryptocurrency ban. “Recently, virtual currency trading hype activities have increased, disturbing economic and financial order and […]<\/p>\n","protected":false},"author":12,"featured_media":10959,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,21],"tags":[1329,1449],"class_list":["post-10933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","category-news","tag-ban","tag-chinese-government"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/The-Chinese-government-releases-further-details-about-the-cryptocurrency-ban.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/10933","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=10933"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/10933\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/10959"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=10933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=10933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=10933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}