• Sun. Jul 14th, 2024

China’s Top Regulators Declare Crypto-Related Transactions Illegal

Christian Klausen

ByChristian Klausen

Oct 1, 2021

The government of China has once again gone ahead with its Bitcoin ban policies. This time around, the ban has taken much more into its wake. The extended policy of the new ban has decreed the act of trading, holding, and using cryptocurrencies as an unlawful act in the region. The global crypto community is not very excited about this decision at large.

The community members on social media accounts have already started to show their disapproval of this decision. A few months ago, when the Chinese government implemented a wider ban on the crypto miners in the region, the value of the flagship cryptocurrency went down drastically. In the same manner, this time around, the immediate impact on the Bitcoin market value is detrimental at best.

Crypto Community Members Are Not Happy With China

The main objective of Bitcoin enthusiasts is to change the old methods of conducting financial transactions forever. According to some experts, the Chinese Communist Party (CCP) is currently feeling threatened by the widespread popularity and adoption of Bitcoin. The critics of the Chinese government policies on Bitcoin regulations claim that due to the decentralized and distributed nature of the Bitcoin network, it is almost impossible to contain it.

The government of China has been able to streamline the spread of big techs like Facebook, Google, Twitter, and other global giants under their jurisdiction thus far. At present, the citizens of China are unable to access the crypto exchange, lending, or trading websites due to the imposition of the new ban. However, since most blockchain projects are accessible via passive internet gateways, it seems that people are opting to keep taking an interest in digital assets.

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Many people argue that since Bitcoin is a peer-to-peer and trust-based open network, it takes away power from centralized governments. However, on the other hand, some people believe that with Bitcoin, it would become impossible for any person in the world to mask their financial footprint. To one end, the communist regime of China has been able to make great economic decisions for their country till now and was able to favour the agenda of the populous in favour of the state.

On the other hand, there is Bitcoin which can bind people to a recorded thread of financial history that can be traced back to years. Under these circumstances, it is up to the people to pick and choose with care about which way they want to lean. The term ‘DOYL’ (do your own research) that is frequently used in the crypto community fits here perfectly.

Christian Klausen

Christian Klausen

Christian Klausen is a talented news writer renowned for his compelling storytelling and comprehensive research. With a sharp eye for detail, his articles offer readers a thought-provoking and well-informed perspective on a wide range of current topics.

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