Everything you need to know about Crypto ban in China

Everything you need to know about Crypto ban in China

Now in this digital world, the cryptocurrency plays a vital and most important role in trading business where huge number of traders and business entrepreneurs are using the cryptocurrency for trading. The usage of cryptocurrency is found to be legally authorized by few countries but there are some countries where they have banned the usage of the cryptocurrency. There are number of bitcoins are available in cryptocurrency where each of the coins are found to be having different values and prices.

The cryptocurrencies are used only by the online traders and investors for their trading business. The latest and biggest event in the world of digital currency is that recently the declaration of Chinese authorities has shut down the exchange of the cryptocurrencies. This event of China crypto ban has made the online traders and crypto investors into worry and stress where they are working to get back their investments made on cryptocurrency.

The reason behind the ban of crypto in China

The central bank of the China is declared as the people bank where in this a fund has been raised by using the cryptocurrency where this transaction is found to be illegal by the central bank. Due to this reason China has banned the cryptocurrency trading and the government announced that usage of the cryptocurrency is concerned to be money laundering and gambling fraud. This decision made huge number of traders and investors to sharp drop in the markets where some investors also made to dump their assets and holdings before facing the heavy loss in the investment of the bitcoin. After the decision of the China crypto ban almost every country government around the globe begin to get back their virtual currencies and digital assets to avoid heavy loss of money.