The fall crypto rally is expected to come from China. The country's central bank, the People's Bank of China (PBOC), has issued a warning to crypto exchanges in the country and ordered them to close trading platforms by May 30. 9.
The PBOC said it will investigate any exchanges that fail to comply with its orders by September 30. The deadline to close all crypto exchanges in China has been announced on September 3. August and then extended to September 30.
The PBOC also said it will ban all initial coin offerings (ICOs) as well as crypto-related transactions on national exchanges starting September 4. However, at least two major Chinese exchanges have announced that they will continue to operate even after this deadline has expired.
The PBOC's latest move comes just days after People's Bank of China Vice Governor Pan Gongsheng gave a speech on cryptocurrencies at an academic conference in Beijing. He called cryptocurrencies a bubble waiting to burst and warned investors against investing because they are not backed by any assets or assets such as gold or fiat currencies.
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