Cryptocurrency's Rocky Street: China's ICO Ban

Posted by seomypassion12 on August 22nd, 2022

Over the past year, the cryptocurrency market needed a series of heavy punches from the Chinese government. The market needed the strikes like a player, nevertheless the combos have taken its cost in lots of cryptocurrency investors. The marketplace lackluster performance in 2018 pales in comparison to its stellar thousand-percent increases in 2017.Since 2013, the Asian government have taken measures to regulate defi cryptocurrency, but nothing compared as to the was enforced in 2017. (Check out this information for reveal analysis of the official notice issued by the Chinese government)

2017 was a advertising year for the cryptocurrency industry with the attention and growth it has achieved. The excessive price volatility pushed the Central bank to undertake more severe methods, such as the ban of preliminary money products (ICOs) and clampdowns on domestic cryptocurrency exchanges. Immediately after, mining factories in China were forced to close down, stating excessive electricity consumption. Many exchanges and factories have shifted international to prevent regulations but stayed available to Chinese investors. However, they still crash to escape the claws of the Asian Dragon.

In the latest series of government-led attempts to monitor and ban cryptocurrency trading among Asian investors, China expanded their "Eagle Eye" to check foreign cryptocurrency exchanges. Companies and bank records assumed of carrying out transactions with international crypto-exchanges and connected actions are afflicted by steps from decreasing withdrawal limits to freezing of accounts. There have actually been continuing rumors among the Asian community of more serious methods to be enforced on international programs that enable trading among Asian investors.

"As for whether you will see further regulatory steps, we must await orders from the higher authorities." Excerpts from an meeting with group leader of the China's Community Data Network Safety Direction firm underneath the Ministry of Public Security, 28th January

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