Last Friday, China put into plan their harshest crypto bans yet. Over 10 different government agencies will work together to ensure that not only is crypto outlawed, but that its use will diminish. For those who have been paying attention to crypto news over the last few years, this will sound a lot like Deja Vu. This is not China's first time banning crypto, nor will it be their last. While they are determined to push the entire industry out from their shores, the CCP is losing its ability to influence the markets, and every time they abuse their position, their influence only diminishes. What will this lead to for the crypto markets? Was the 9% Bitcoin flash crash warranted? And why has it already recovered? That's what we're here to talk about today.
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DISCLAIMERS:
Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, commenting, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational, or personal use tips the balance in favour of fair use.
I am not a financial advisor and this is not a financial advice channel. All information is provided strictly for educational purposes. It does not take into account anybody's specific circumstances or situation. If you are making investment or other financial management decisions and require advice, please consult a suitably qualified licensed professional.
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Francisco Gimeno - BC Analyst Is the new China ban on crypto different from other bans before? What's exactly going on? Some say that regulators in China are going forward this time to protect their own CBDC, the e-yuan which, if successful in the future, will become international, as a CBDC from a superpower. What does this mean to the whole crypto, this new asset class? Well, we have to see How well this develops. The whole crypto (and DeFi) is constantly iterating and innovating, and regulations are coming. With CBDCs maybe coming and States protecting the landscape become even more crowded.