China has been issuing ban after ban and policy after policy which doesn’t go in favor of the crypto community at all. There have been certain laws drafted and circulated by China in collaboration with various regulators and monetary offices operating within the country. Locals can’t buy crypto, trade it or do transactions of any kind that involves cryptocurrency as the source of money. International exchanges have been banned from serving the locals, and if they do so, they will lose their license to operate within China.
If this was not enough, China has issued a brief statement in which it is clear that the country will not stop until the essence of decentralization has bled the last drop of blood and is completely left the country in peace. One can’t help but wonder if it is China who will be at peace if cryptocurrencies were not linked to it at all or are the other way around? Do these immediate bans imposed by China propose a boon for decentralization? In events of the recent crackdown on cryptocurrencies within China, major crypto exchanges are starting to pull out their operation from their markets.
China To Ban All Crypto-Related Activities In The Region
Banks and other payment processors have been issued statements from the state tying their hands when it comes to serving the locals in China. But the decentralized exchanges and the platforms which don’t serve or are controlled by a single entity continue to trade without any issue. Many crypto analysts have already provided their insight regarding how China is causing trouble for the crypto community; China is too unstable for the crypto community and the essence of decentralization.
It will continue to cause trouble and wreak havoc within the community until China has got its own way around. That is why it is best if China doesn’t become part of this ever-growing decentralized boom. The crypto community will continue to trade with or without China’s intervention, but it will most definitely be in the best interest of the crypto market if China were not to intervene. Ultimate crackdown or bans that China has imposed on crypto will best act in the interest of decentralization because this way, China doesn’t get to be a part of it at all.