China effect on cryptocurrency market

China effect on cryptocurrency market

China effect on cryptocurrency market

The cryptocurrency market has grown exponentially and has generated much expectation around the world. The fact that it has an independent, strong, safe, and private economic system is leading several companies to expand borders to the new possibility, the cryptocurrencies.

Despite all the growth, not all countries are in favor of the breakthroughs and the financial freedom that cryptocurrencies offer people. Losing control over financial transactions can be a nightmare to more conservative countries such as China.

Chinese authorities are planning to ban crypto-mining, including Bitcoin, as an “undesirable” economic activity. The proposal is still under discussion and follows the premises of a recently published government document.

The People’s Bank of China, in Beijing, already forbids many activities linked to cryptocurrencies. With this ban, all companies in the financial sector that operate in the Chinese market can not provide loans for such activities.

Recently, a large trade system company had a huge problem with the DASH provider, causing the company a block of a large amount of DASH. The reason is unknown, but we know that what happened it was not the company’s fault, and that they’re already taking the appropriate measures to repair the damages caused by the provider.

This blocking could be an attempt by the Chinese government against some providers. It is a fact that China is totally against the cryptocurrency market that has developed exponentially, threatening the economic control of the state over its citizens.

It is important to note that this problem is not related to the cryptocurrency DASH, one of the main cryptos in the market, with excellent transaction speed and high blockchain technology. The fact happened with some providers that intermediary the transactions.

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