? Because he represents everything the Chinese government fears
Chinese financial associations issued a warning not to provide services or information regarding the transfer of digital currencies • In response, the price of Bitcoin fell below 40 thousand dollars for the first time in three months • What are the Chinese so afraid of?
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Three Chinese financial associations issued a new warning on Tuesday regarding digital currencies (crypto). The new warning calls on bodies that are members of associations, financial institutions and payment companies, not to provide any services or information related to the transfer of cryptocurrencies. The new warning was published by the Central Bank of China and led to a decrease of about 10% in the price of Bitcoin, thereby dropping it for the first time in three months below 40 thousand dollars. The warning is justified by the return of speculative trading in cryptocurrencies that threatens to harm the economic order.
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This was certainly not the first time that China managed to significantly influence the price of Bitcoin, as various restrictions published by regulators in 2013, 2017 and 2019 all resulted in a decrease in the currency rate. In December 2013, for example, the price of Bitcoin fell from $1,100 to $900 when China published the first restrictions on digital currencies.
In response to the new warning, the Twitter account of the Bitcoin Association in Hong Kong tweeted that "for those who are new to the subject, it is acceptable for the People's Bank of China to ban Bitcoin at least once in every bull run."
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By the way, China can bring about the fall of Bitcoin even without doing anything, as happened for example in 2018, when rumors spread that it intends to ban the mining of the currency on its territory. But the rumors did not materialize in the end and China is still responsible for most of the Bitcoin mining in the world.
Decentralized currencies represent everything that scares the Chinese government
Somewhere in 2013, China was actually one of the first countries to adopt Bitcoin. The Chinese are known for their fondness for technological and financial innovations and soon many businesses began to offer services related to the virtual currency. The Chinese authorities even encouraged this approach until at the end of that year they changed direction and banned banks and payment companies from providing Bitcoin-based services.
كروت شحن المصرية للاتصالات
Decentralized cryptocurrencies represent everything that scares the centralized Chinese government. Crypto enables financial trading that China does not fully control. Also, the virtual currencies allow a channel for transferring money outside the country alongside a convenient option for money laundering. A major concern of China is high volatility, which can harm social stability, precisely the characteristic of cryptocurrencies.
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