China: crypto ban is difficult!

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Cryptocurrency prices fell on Tuesday, with Bitcoin dropping more than 1% but staying above the $ 8,000 level.

Bitcoin traded at $ 8,036.5 US at 23:50 (03: 50GMT) on Bitfinex, down 1.43% over the previous 24 hours.

Ethereum, the second largest cryptocurrency in the world by market capitalization, lost 1.92% to $ 507.35 on the Bitfinex exchange.

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The Ripple XRP token gained 0.33% to $ 0.65681 on the Poloniex stock exchange.

Meanwhile, Litecoin added 2.24% to $ 130.37.

The People's Daily of China received an update on Tuesday because it said that the Chinese Academy of Social Sciences had recognized that it was difficult to ban cryptocurrencies.

"The" traditional private currency "and the new" private currency "similar to Bitcoin have affected the" monetary power "of the monetary authorities of various countries, but from a technical point of view, it is difficult to obtain a complete ban. of digital currency, "said Yang, a representative of the Academy.

The People's Daily is considered a spokesman for the Chinese government. His remark provided information on the government's position.

Meanwhile, Director of the International Monetary Fund, Christine Lagarde, said the advance of Bitcoin and other digital currencies could make the global financial system more secure.

She said tools built using the technology behind Bitcoin - known as crypto-assets - could revolutionize the world of high finance by making it faster, cheaper and safer, but warned of the prospect of "inevitable" accidents.

"Because crypto-assets know no boundaries, international cooperation will be essential ... The IMF can play a key role in providing advice and serving as a forum for discussion and collaboration in developing a regulatory approach consistently. "

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice.
Please conduct your own thorough research before investing in any cryptocurrency.

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