China: Block cryptocurrency transactions!

From Chinese authorities to bank managers: Block cryptocurrency transactions

In China, which has recently waged war against cryptocurrencies and cryptocurrency transactions, central bank administrators and representatives of banks and payment companies came together. State officials reminded other company executives of cryptocurrency laws and asked for tougher enforcement. Galaxy Digital CEO Mike Novogratz stated that the news from China was not good and criticized the Chinese president Xi Jinping.

In May, the Chinese State Council, led by the country’s vice-president Liu He, announced that it will do whatever is necessary to prevent cryptocurrency mining and transactions.

Laws are reminded!

Today, according to the official statement of the People’s Bank of China, state authorities and managers of banks and payment companies came together on the subject. According to the statement; Executives of Industrial and Commercial banks and payment service provider Alipay held a meeting with the Central Bank of China. At the meeting, the central bank side once again reminded other institutions and company executives about the laws that prohibit doing business with cryptocurrencies and cryptocurrency transactions.

Companies will also tighten inspections.

In China, which has been trying to prevent cryptocurrency trading for a long time, investors were trading on OTC exchanges after harsh bans and inspections. The People’s Bank of China, on the other hand, stated that no matter how crypto money trading is done, it disrupts the financial order and increases illegal cross-border money transfers. It is demanded that accounts connected to OTC exchanges should be prevented. Bank and other payment company executives stated that they will comply with the central bank’s instructions and that every effort will be made to identify and close the relevant accounts. They also said that they would not recommend their customers to open an account for cryptocurrency transactions.

Mike Novogratz, CEO of crypto investment firm Galaxy Digital and actively commenting on cryptocurrencies, stated that the news from China was not good and criticized the Chinese president Xi Jinping:

Chinese news is not good. Xi is an authoritarian leader who wants to control everything. $BTC is the opposite of authoritarianism. Chinese citizens will always find a way to move assets out of the system, but they make it harder. It will take some time to play. Keep your faith.

The USA is the opposite of China.

While a ban bombardment is being implemented against cryptocurrencies in China, the private sector in the USA is constantly demanding that Bitcoin be paved. Bank customers want their institutions to offer Bitcoin services, and companies are now knocking on the government’s door more and more in this regard. Even if state officials make negative comments about cryptocurrencies, especially Bitcoin, they cannot prevent the huge demand. The U.S. Securities and Exchange Commission SEC is also expected to approve Bitcoin ETFs this year or 2022 at the latest.

SEE ALSO: Banks in South Korea Do Not Want to Take the Risk of Cryptocurrencies

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