According to the report of the Wall Street Journal, Chinese officials have decided to ban trade on domestic markets of Bitcoin and other cryptocurrencies. It has reduced the Bitcoin to $ 3,978 at the end of the week. Since then, at the beginning of Monday, there is a signal of up to $ 4,177 above.
That's a 20% drop since the beginning of September when the central bank of China said it would stop the initial coin offering - cryptocurrency would be tip-toped from the highest amount of $ 5000.
Investors in China are using Bitcoin as a way of saving the utility to fall in value. Turning the yuan business into Bitcoin can allow Chinese investors to transfer money outside the country. Traditionally, the government of China has set an annual limit of $ 50,000 on how many people can move their citizens outside the country
Still, the ban is not an exactly ban on trading Bitcoin entirely. It will still allow over-the-counter transactions. According to Zhou Shuozi, a founding partner of FBG Capital, interviewed by Bloomberg, the business of existing users will still be business, but it will be difficult for new users to start a business of Bitcoin, which will limit the potential increase of Bitcoin.
For more crypto news follow Adsactly with below links :
Steemit : (https://steemit.com/@adsactly)
Discord : (https://discordapp.com/invite/RxEM8e)
Facebook : (https://www.facebook.com/groups/ADSactly777/)
Twitter : (https://twitter.com/adsactlycrypto?lang=en)
Steemit : (https://steemit.com/@adsactly)
Discord : (https://discordapp.com/invite/RxEM8e)
Facebook : (https://www.facebook.com/groups/ADSactly777/)
Twitter : (https://twitter.com/adsactlycrypto?lang=en)
@mann Thanks for this post. It's good to know that btc is still used as an over-the-counter form of currency in China.
It will be interesting to see if any of the major stores will ever welcome crypto as a form of payment in the U.S.
@stellabelle recently did a post regarding the offering of a crypto-debit card. Now, that would be a game-changer for the U.S.
Again, thanks for the post.
Peace.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit